Fitch Downgrades 1 Class of RBSCF Trust 2009-RR1

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded one class and affirmed six classes of RBSCF Trust 2009-RR1. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The downgrade of class JPMCC-B reflects the downgrade of the rating of the underlying bond. This transaction is a re-securitization of the ownership interest in a single commercial mortgage-backed certificate, J.P. Morgan Chase Commercial Mortgage Securities Trust series 2008-C2 (JP Morgan 2008-C2) class A-4, which Fitch downgraded to 'BBBsf'/Outlook Negative on July 13, 2016 largely due to higher expected losses on the specially serviced loans as a result of recent valuations providing lower recovery estimates. Principal and interest from the underlying commercial mortgage-backed certificate are applied to the class A and B certificates in sequential order, while losses are applied in reverse sequential order. As a re-securitization, the class will receive cash flows from the underlying class A-4 bonds and the rating is based on the underlying security. The affirmations of the class A certificates reflect the senior position and higher credit enhancement of those classes.

RATING SENSITIVITIES

The class A certificates have a Stable Outlook based on the classes' senior position and higher credit enhancement. The Rating Outlook for the class B certificate, which is a direct pass through to the underlying bond, remains Negative.

JP Morgan 2008-C2 is currently backed by a pool of 62 loans with an aggregate remaining principal balance of approximately $728 million. The class A-4 certificates in the underlying transaction had 26.5% credit enhancement, as of the June 2016 remittance date. The Rating Outlook for the underlying class remains Negative based on a lack of updated values for certain of the specially serviced loans as well as the limited progress made on the workout strategies.

For additional information on the underlying security please see, 'Fitch Downgrades Three Classes of JP Morgan 2008-C2'', dated July 13, 2016), which is available at 'www.fitchratings.com'.

DUE DILIGENCE USAGE

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

Fitch downgrades the following ratings:

RBSCF Trust 2009-RR1

--$15.7 million class JPMCC-B to 'BBBsf' from 'Asf'; Outlook Negative.

Fitch affirms the following ratings:

--$36.3 million* class JPMCC-A at 'AAAsf'; Outlook Stable;

--$16.5 million** JPMCC-A1 at 'AAAsf'; Outlook Stable;

--$9.9 million** class JPMCC-A2 at 'AAAsf'; Outlook Stable;

--$9.9 million** class JPMCC-A3 at 'AAAsf'; Outlook Stable;

--$26.4 million** class JPMCC-A4 at 'AAAsf'; Outlook Stable;

--$19.8 million** class JPMCC-A5 at 'AAAsf'; Outlook Stable.

* Exchangeable REMIC Certificate

** Exchangeable Certificates

The Group CSMC Class A and B certificates, classes CSMC-A, CSMC-A-1, CSMC-A2, CSMC-A3, CSMC-A4, CSMC-A5, and CSMC-B, have paid in full.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 16 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=882401

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130

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=1008854

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008854

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/20160713006542/en/

Fitch Ratings
Stacey McGovern, +1-212-908-0722
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
R. Brook Sutherland, +1-312-606-2346
Senior Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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