Fitch Ratings has affirmed two classes of Credit Suisse First Boston Mortgagee Securities Corp., CSMC series 2009-RR1. A detailed list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The underlying class A-3 of CSMC 2007-C1 was affirmed by Fitch at 'AAAsf', Outlook Stable on Jan. 16, 2015.
This transaction is a resecuritization of the ownership interest in a single commercial mortgage-backed certificate, Credit Suisse Commercial Mortgage Trust, series 2007-C1 (CSMC 2007-C1) class A-3. Principal and interest form the underlying commercial mortgage-backed certificate are applied to the A-3A, A-3B, and A-3C certificates in sequential order, while losses are applied in reverse sequential order. As a resecuritization, the class will receive cash flows from the underlying class A-3 bonds and the rating is based on the underlying security.
For additional information on the underlying security please see 'Fitch Downgrades Two Distressed Classes of CSMC 2007-C1' (Jan. 16, 2015), which is available at 'www.fitchratings.com'.
RATING SENSITIVITIES
CSMC 2007-C1 is currently backed by a pool of 179 multifamily and commercial loans with an aggregate remaining principal balance of $2.23 billion. The class A-3 certificates in the underlying transaction had 30.82% credit enhancement as of the January 2015 remittance date. In addition, the underlying A-3 bond is currently receiving principal paydown as the most senior class in the transaction. The Stable Outlook on the Re-REMIC classes A-3A and A-3B reflects that no rating changes are anticipated as the classes have implied credit enhancement in excess of 40% and 50%, respectively. The structural support of the underlying transaction is sufficient to maintain the current rating should loss expectations increase for the specially serviced loans.
Any extraordinary expenses incurred by the Trustee up to the first $200,000 will reimbursed to the Trustee by the depositor. In the event extraordinary expenses exceed $200,000, reimbursements will be paid first from available interest and then reimbursed from principal if available interest is not sufficient. Principal reimbursements affect the waterfall in reverse sequential order, beginning with the unrated A-3C.
Fitch affirms the following classes as indicated:
--$84,609,076 class A-3A at 'AAAsf'; Outlook Stable;
--$22,900,000 class A-3B at 'AAAsf'; Outlook Stable.
Fitch does not rate the $22.6 million class A-3C.
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=754389
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=974835
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