Fitch Affirms CSMC Series 2009-RR4

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed six classes of Credit Suisse First Boston Mortgage Securities Corp. (CSMC), series 2009-RR4. A detailed list of ratings actions follows at the end of this press release.

KEY RATING DRIVERS

This transaction is a resecuritization of the ownership interest in one commercial mortgage-backed certificate which totals $30,061,800. As such, the ratings are based on the underlying security, which is the A4 certificate in CSMC 2007-C5. Fitch affirmed the underlying class A4 at 'Asf', Stable Outlook on Feb. 4, 2016. Principal and interest from the underlying certificate is applied to the A4-A and A4-B certificates in sequential order, while losses are applied in reverse sequential order.

In addition, holders of the senior A4-A bond are able to exchange their certificates for senior/subordinate A4-A-A and A4-AB certificates. Similarly, holders of the subordinate A4-B class may exchange their certificates for senior/subordinate A4-B-A and A4-B-B certificates. In both instances, the reverse exchange is also permitted.

RATING SENSITIVITIES

The deal structure provides additional credit support for all but the most junior tranche. The ratings on all but the A4-B-A certificate are expected to remain stable given the current credit enhancement of the underlying bond in addition to the added credit enhancement provided by the junior tranche. The Outlook on the A4-B-A certificate remains Negative to reflect the possibility of future downgrades if expected losses on underlying loans in special servicing increase. The junior classes may be upgraded should the performance of underlying pool warrants. Conversely, the classes may be downgraded should the underlying pool deteriorate further than current estimates indicate.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following ratings:

--$20,401,800* class A4-A at 'AAAsf'; Outlook Stable;

--$16,310,007** class A4-A-A at 'AAAsf'; Outlook Stable;

--$4,091,794** class A4-A-B at 'AAAsf'; Outlook Stable;

--$9,660,000* class A4-B at 'Asf'; Outlook Stable;

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

--$4,830,000** class A4-B-B at 'Asf'; Outlook Stable.

*Exchangeable certificates

**Exchangeable REMIC certificates

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. 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=999081

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=999081

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/20160204006593/en/

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