Fitch Affirms Morgan Stanley Re-REMIC Trust 2009-GG10 and 2010-GG10

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed all classes of Morgan Stanley Re-REMIC Trust (MSRR) series 2009-GG10 and series 2010-GG10, commercial mortgage pass-through certificates. The transactions are both resecuritizations of the ownership interest in GS Mortgage Securities Trust 2007-GG10, class A-4, rated 'Asf'; Outlook Negative. A complete list of rating actions follows at the end of this release.

KEY RATING DRIVERS

As a resecuritization, the certificates receive their cash flows from the underlying class GS Mortgage Securities Trust 2007-GG10 A-4 certificate and the rating from the underlying security. This underlying class was affirmed on Jan. 6, 2016. The affirmation of class A4A was the result of credit enhancement for the A4A certificates being approximately 50%. Credit enhancement is provided by the structural support of the underlying transaction as well as the subordinate certificates in the re-securitization.

RATING SENSITIVITIES

The underlying security for the certificates has a Negative Rating Outlook due to the high leverage of the pool overall as well as the many large loans that struggle with performance issues. The A4B class remains vulnerable to downgrade should losses exceed currently expected levels or should additional loans transfer to the special servicer. The class A4A certificates in both transactions are likely to remain stable due to the approximately 50% credit support provided by the underlying transaction.

DUE DILIGENCE USAGE

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

Fitch affirms the following classes:

MSRR 2009-GG10

--$670.6 million class A4A at 'AAAsf'; Outlook Stable;

--$314 million class A4B at 'Asf'; Outlook Negative.

MSRR 2010-GG10

--$598 million class A4A at 'AAAsf'; Outlook Stable.

Fitch does not rate classes A4B, A4B-1, A4B-2 or A4 of MSRR 2010-GG10.

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=997816

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=997816

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/20160113006037/en/

Fitch Ratings
Primary Analyst
R. Brook Sutherland
Senior Director
+1-312-606-2346
Fitch Ratings, Inc.
70 West Madison
Chicago, IL 60602
or
Committee Chairperson
Britt Johnson
Senior Director
+1-312-606-2341
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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