Fitch Affirms RBSCF Trust 2010-RR4

CARACAS, Venezuela--(BUSINESS WIRE)-- Fitch Ratings affirms RBSCF Trust 2010-RR4 re-securitization pass-through certificates series 2010-RR4, as follows:

--$47,339,800* class CSMC-A at 'AAAsf', Outlook Stable;

--$22,501,800** class CSMC-A1 at 'AAAsf', Outlook Stable;

--$12,419,000** class CSMC-A2 at 'AAAsf', Outlook Stable;

--$12,419,000** class CSMC-A3 at 'AAAsf', Outlook Stable;

--$34,920,800** class CSMC-A4 at 'AAAsf', Outlook Stable;

--$24,838,000** class CSMC-A5 at 'AAAsf', Outlook Stable.

*Exchangeable REMIC Certificates

**Exchangeable Certificates

Fitch does not rate classes CSMC-B, CSMC-B1 and CSMC-B2.

KEY RATING DRIVERS

The affirmations are based on the credit enhancement provided by the underlying transaction as well as the subordinate certificates in the re-securitization. This transaction is a re-securitization of a 7.1% ownership interest in a single commercial mortgage-back certificate, CSMC 2007-C5 class A-4. The underlying class A-4 was downgraded to 'Asf' from 'AAAsf' by Fitch on April 9, 2015. The underlying class A-4 has approximately 28.9% credit enhancement. The class CSMC-A has approximately 50.6% credit enhancement from the underlying transaction and the subordinate class CSMC-B. The non-rated classes CSMC-B and CSMC-B2 both have an approximate credit enhancement of 28.9% from the underlying class A-4.

Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds in sequential order, while losses are applied in reserve sequential order. As a re-securitization, the class will receive cash flows from the underlying class A-4.

There are four different combinations of exchangeable certificates for each respective senior bond. The holders of the A certificates may exchange for A-1, A-2 and A-3. Holders of class A-1 and A-2 certificates can exchange for A-4. Holders of class A-2 and A-3 can exchange for A-5. Holders of the subordinate class B certificates can exchange for B-1 and B-2. The reverse exchanges are also permitted.

For additional information on the underlying class A-4 security, please see the release 'Fitch Downgrades 2 Classes of CSMC 2007-C5; Removed from Rating Watch Negative' (April 9, 2015) available at 'www.fitchratings.com'.

RATING SENSITIVITIES

Ratings are expected to remain stable due to sufficient credit enhancement provided by the underlying transaction and the respective subordinate classes.

DUE DILIGENCE USAGE

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

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=993544

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=993544

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/20151105006957/en/

Fitch Ratings
Primary Analyst
Roxanna Tangen, +1-312-368-3116
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
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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