Fitch Affirms CSMC Series 2009-RR3

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms Credit Suisse First Boston Mortgage Securities Corp. (CSMC), series 2009-RR3 as follows:

--$75,145,000* class A5-A at 'AAA'; Outlook Stable;

--$60,100,000** class A5-A-A at 'AAA'; Outlook Stable;

--$15,045,000** class A5-A-B at 'AAA'; Outlook Stable;

--$30,000,000* class A5-B at 'AAA'; Outlook Stable;

--$14,900,000** class A5-B-A at 'AAA'; Outlook Stable;

--$15,100,000** class A5-B-B at 'AAA'; Outlook Stable.

*Exchangeable certificates

**Exchangeable REMIC certificates

KEY RATING DRIVERS

The affirmations are a result of Fitch's affirmation of the underlying A-5 bond. This transaction is a resecuritization of the ownership interest in a single commercial mortgage-backed certificate, WBCMT series 2007-C30 class A-5. Principal and interest from the underlying commercial mortgage-backed certificate is applied to the A5-A, A5-B certificates in sequential order, while losses are applied in reverse sequential order.

Fitch reviewed the underlying transaction on March 13, 2015 and affirmed class A-5. For more information, see 'Fitch Affirms WBCMT 2007-C30' (March 16, 2015).

RATING SENSITIVITY

The Rating Outlook on the Re-REMIC bonds remains Stable, and no rating actions are expected. Credit enhancement for class A5-A is approximately 50% and is provided by the structural support of the A5-B certificate. Credit enhancement for the A5-B certificate is approximately 30% and provided by the structural support of the underlying transaction.

As of the February 2015 remittance, the WBCMT 2007-C30 transaction consists of 222 multifamily and commercial mortgage loans with a principal balance of approximately $6.76 billion. Classes A5-A and A5-B have a total principal balance of $105,145,000 which represents approximately 5.6% of the total balance of the underlying class A5 certificate.

Any extraordinary trust fund expenses incurred by the Trustee up to the first $200,000 will be reimbursed to the Trustee by an affiliate of the depositor. In the event extraordinary trust fund expenses exceed $200,000, they will be paid from available interest.

Fitch reviewed the underlying collateral and performed loan level stressed analysis under the criteria described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', Dec. 10, 2014.

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

Applicable Criteria and Related Research

--'Global Structured Finance Rating Criteria' (Aug. 4, 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=981406

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
Darren Liss, +1-212-908-0753
Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
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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