Fitch Downgrades CSMC Series 2009-RR4

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has downgraded and removed two classes from rating watch negative, and affirmed four classes of Credit Suisse First Boston Mortgage Securities Corp. (CSMC), series 2009-RR4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The downgrades are due to Fitch downgrading the underlying CSMC 2007-C5 class A4 to 'Asf', Stable Outlook from 'AAAsf' Rating Watch Negative on April 9, 2015. Principal and interest from the underlying commercial mortgage-backed certificate is applied to the A4-A and A4-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 A4 bonds and the rating is based on the underlying security.

For additional information on the underlying 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

Classes with Stable Outlooks reflect that no rating changes are anticipated as the classes have implied credit enhancement of approximately 50% and 60%. Downgrades are not expected unless there is a significant and unanticipated increase in expected losses. The Negative Outlook on class A4-B-A reflects the possibility of future downgrades if expected losses on specially serviced loans increase.

Fitch has downgraded the following classes:

--$9,660,000* Class A4-B to 'Asf' from 'AAAsf'; Outlook Stable assigned;

--$4,830,000** Class A4-B-B to 'Asf' from 'AAAsf' Outlook Stable assigned.

Additionally, Fitch affirms the following classes as follows:

--$24,267,000* Class A4-A at 'AAAsf'; Outlook Stable;

--$19,400,000** Class A4-A-A at 'AAAsf'; Outlook Stable;

--$4,867,000** Class A4-A-B at 'AAAsf'; Outlook Stable;

--$4,830,000** Class A4-B-A at'AAAsf'; Outlook Negative;

Prior to today's downgrades, classes A4-B and A4-B-B were on Rating Watch Negative.

*Exchangeable certificates

**Exchangeable REMIC certificates

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982686

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.

Fitch Ratings
Primary Analyst
Jay Bullie
Associate Director
+1-312-368-2079
Fitch Ratings, Inc.
70 W. Madison
Chicago, IL 60602
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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