Fitch Affirms CSMC Series 2010-RR1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed 12 classes of Credit Suisse First Boston Mortgage Securities Corp., series 2010-RR1. A detailed list of ratings actions follows at the end of this press release.

KEY RATING DRIVERS

This transaction is a resecuritization of the ownership interest in three commercial mortgage-backed certificates which total $229,254,278. The transaction consists of three

non-pooled re-REMIC bond groups each backed by one underlying supersenior bond. Each bond group is split into one senior and one subordinate class of certificates. Principal and interest from the underlying certificates is applied to its respective bond group in sequential order, while losses are applied in reverse sequential order.

The following commercial mortgage-backed securities are collateral for the re-REMIC securities rated by Fitch:

Credit Suisse Commercial Mortgage Trust Series 2007-C5

--8.8% interest in class A-4, in the amount of $76,278,485

Fitch affirmed class A-4 at 'Asf' with a Stable Outlook on Feb. 4, 2016. The underlying bond has approximately 30.5% credit enhancement. This transaction serves as collateral for the classes 2-A, 2-A-A, 2-A-B, 2-B, 2-B-A and 2-B-B re-REMIC bonds. The class size above reflects the potential maximum certificate balance for each class given the exchangeable nature of the certificates. In aggregate, the total principal balance of this securitization cannot exceed $76,278,485.

Banc of America Commercial Mortgage Inc. Series 2007-3

--7.9% interest in class A-4, in the amount of $67,982,793

Class A-4 is rated 'AAAsf' with a Stable Outlook and was last affirmed by Fitch on Sept. 11, 2015. The underlying class A-4 has approximately 29.9% credit enhancement. This transaction serves as collateral for the classes 3-A, 3-A-A, 3-A-B, 3-B, 3-B-A and 3-B-B re-REMIC bonds. The class size above reflects the potential maximum certificate balance for each class given the exchangeable nature of the certificates. In aggregate, the total principal balance of this securitization cannot exceed $76,278,793.

RATING SENSITIVITIES

The deal structure provides additional credit support for all but the most junior tranches. The ratings on all but the 2-B-A certificate are expected to remain stable given the current credit enhancement of the underlying bonds in addition to the added credit enhancement provided by the junior tranches. The Negative Outlook on the 2-B-A certificate is maintained to reflect the possibility of future downgrades if expected losses on underlying loans in special servicing increase. The 2-B and 2-B-B certificates may be upgraded if the performance of the underlying pool warrants. Conversely, the classes may be downgraded should the underlying pools deteriorate further than current estimates indicate.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings:

--$51,778,485* class 2-A at 'AAAsf'; Outlook Stable;

--$41,416,230** class 2-A-A at 'AAAsf'; Outlook Stable;

--$10,362,255** class 2-A-B at 'AAAsf'; Outlook Stable;

--$24,500,000* class 2-B at 'Asf'; Outlook Stable;

--$12,325,000** class 2-B-A at 'AAAsf'; Outlook Negative;

--$12,175,000** class 2-B-B at 'Asf'; Outlook Stable;

--$45,182,793* class 3-A at 'AAAsf'; Outlook Stable;

--$36,124,875** class 3-A-A at 'AAAsf'; Outlook Stable;

--$9,057,918** class 3-A-B at 'AAAsf'; Outlook Stable;

--$22,800,000* class 3-B at 'AAAsf'; Outlook Stable;

--$11,425,000** class 3-B-A at 'AAAsf'; Outlook Stable;

--$11,375,000** class 3-B-B at 'AAAsf'; Outlook Stable.

*Exchangeable certificates

**Exchangeable REMIC certificates

Fitch does not rate classes 1-A, 1-A-A, 1-A-B, 1-B, 1-B-A and 1-B-B, which are secured by class A-4 in MS 2007-IQ14 (not rated by Fitch).

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=999080

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=999080

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160204006573/en/

Fitch Ratings
Primary Analyst
Roxanna Tangen, +1-312-368-3116
Associate Director
Fitch Ratings, Inc.
70 W. Madison
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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