Fitch Affirms RBSCF Trust 2009-RR2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms RBSCF Trust 2009-RR2, resecuritization pass-through certificates, series 2009-RR2. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

These classes are backed by four underlying bonds in four transactions; two are rated by Fitch, and two are not. The affirmations are a result of affirmations to the ratings or shadow ratings of the underlying collateral.

Fitch affirmed the underlying A-4 bond in the Cobalt Commercial Mortgage Trust 2006-C1 on July 29, 2015.

Fitch affirmed the underlying A-3 bond in the JPMCC 2006-LDP9 on May 6, 2015.

The Re-REMIC transaction's two other underlying bonds, Wachovia Bank Commercial Mortgage Trust, series 2007-C33 class A-4 and Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 class A-4, are not rated by Fitch. Fitch reviewed the underlying collateral and performed loan level stressed analysis, reflecting cash flow and value declines under the criteria described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' dated Dec. 10, 2014.

J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9 class A-3: 6.9% interest in the class A-3, in the amount of $108,397,092. Class A-3 is rated 'A'/Outlook Stable by Fitch and was affirmed on May 6, 2015. The underlying class A-3 has approximately 36% credit enhancement. The underlying transaction is backed by a pool of 176 commercial and multifamily loans.

Wachovia Bank Commercial Mortgage Trust, series 2007-C33 class A-4: 10.1% interest in the class A-4, in the amount of $96,870,539. The underlying class A-4 has approximately 42% credit enhancement. The underlying transaction is backed by a pool of 130 commercial and multifamily loans.

Cobalt Commercial Mortgage Trust 2006-C1 class A-4: 16.9% interest in the class A-4, in the amount of $99,378,984. Class A-4 is rated 'AAA'/Outlook Stable by Fitch and was affirmed on July 29, 2015. The underlying class A-4 has approximately 32% credit enhancement. The underlying transaction is backed by a pool of 115 commercial and multifamily loans.

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 class A-4: 3.2% interest in the class A-4, in the amount of $26,615,008. The underlying class A-4 has approximately 30% credit enhancement. The underlying transaction is backed by a pool of 155 commercial and multifamily loans.

RBSCF 2009-RR2 Re-REMIC Trust is a resecuritization of the ownership interest in four commercial mortgage-backed certificates which total $331.3 million. The transaction consists of four re-REMIC bond groups backed by four underlying bonds. Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds in sequential order. Losses will be applied in reverse sequential order.

RATING SENSITIVITIES

All the ratings maintain Stable Outlooks as the underlying bonds have Stable Outlooks. Should any of the underlying bonds be downgraded the 'B' or junior certificates (direct pass-through) would be downgraded. The senior or 'A' certificates would likely be affirmed due to high implied credit enhancement.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following classes as indicated:

--$65,947,512* class CWCI-A at 'AAAsf'; Outlook Stable;

--$21,664,512** class CWCI-A1 at 'AAAsf'; Outlook Stable;

--$22,152,000** class CWCI-A2 at 'AAAsf'; Outlook Stable;

--$22,151,000** class CWCI-A3 at 'AAAsf'; Outlook Stable;

--$43,796,511** class CWCI-A4 at 'AAAsf'; Outlook Stable;

--$44,303,000** class CWCI-A5 at 'AAAsf'; Outlook Stable;

--$33,869,000* class CWCI-B at 'AAAsf'; Outlook Stable;

--$17,722,000** class CWCI-B1 at 'AAAsf'; Outlook Stable;

--$16,147,000** class CWCI-B2 at 'AAAsf'; Outlook Stable;

--$76,059,213* class JPMCC-A at 'AAAsf'; Outlook Stable;

--$35,564,213** class JPMCC-A1 at 'AAAsf'; Outlook Stable;

--$20,248,000** class JPMCC-A2 at 'AAAsf'; Outlook Stable;

--$20,247,000** class JPMCC-A3 at 'AAAsf'; Outlook Stable;

--$55,812,213** class JPMCC-A4 at 'AAAsf'; Outlook Stable;

--$40,495,000** class JPMCC-A5 at 'AAAsf'; Outlook Stable;

--$32,447,000* class JPMCC-B at 'Asf'; Outlook Stable;

--$16,198,000** class JPMCC-B1 at 'Asf'; Outlook Stable;

--$16,249,000** class JPMCC-B2 at 'Asf'; Outlook Stable;

--$68,154,358* class WBCMT-C33-A at 'AAAsf'; Outlook Stable;

--$32,048,358** class WBCMT-C33-A1 at 'AAAsf'; Outlook Stable;

--$18,054,000** class WBCMT-C33-A2 at 'AAAsf'; Outlook Stable;

--$18,052,000** class WBCMT-C33-A3 at 'AAAsf'; Outlook Stable;

--$50,102,358** class WBCMT-C33-A4 at 'AAAsf'; Outlook Stable;

--$36,106,000** class WBCMT-C33-A5 at 'AAAsf'; Outlook Stable;

--$28,822,403* class WBCMT-C33-B at 'AAAsf'; Outlook Stable;

--$14,443,000** class WBCMT-C33-B1 at 'AAAsf'; Outlook Stable;

--$14,379,403** class WBCMT-C33-B2 at 'AAAsf'; Outlook Stable;

--$17,726,100* class BSCMS-A at 'AAAsf'; Outlook Stable;

--$6,389,100** class BSCMS-A1 at 'AAAsf'; Outlook Stable;

--$5,669,000** class BSCMS-A2 at 'AAAsf'; Outlook Stable;

--$5,668,000** class BSCMS-A3 at 'AAAsf'; Outlook Stable;

--$12,058,100** class BSCMS-A4 at 'AAAsf'; Outlook Stable;

--$11,337,000** class BSCMS-A5 at 'AAAsf'; Outlook Stable;

--$8,937,000* class BSCMS-B at 'AAAsf'; Outlook Stable;

--$4,535,000** class BSCMS-B1 at 'AAAsf'; Outlook Stable;

--$4,402,000** class BSCMS-B2 at 'AAAsf'; Outlook Stable.

* Exchangeable REMIC certificates

** Exchangeable certificates

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. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=991224

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=991224

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/20150923006202/en/

Fitch Ratings
Primary Analyst
Catherine Barbieri
Associate Director
+1-212-908-0638
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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