News Column

Fitch Affirms CGCMS 2009-RR1

February 21, 2014

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms Citigroup Commercial Mortgage Securities, Inc. 2009-RR1 Trust, resecuritization pass-through certificates, series 2009-RR1, as follows:

--$23.8 million class ML-A4A at 'AAAsf'; Outlook Stable;

--$9.6 million class ML-A4B at 'AAAsf'; Outlook to Negative from Stable;

--$18.8 million class LB-A4A at 'AAAsf'; Outlook Stable;

--$7.6 million class LB-A4B at 'AAAsf'; Outlook Stable;

--$19.4 million class CD-A4A at 'AAAsf'; Outlook Stable;

--$7.8 million class CD-A4B at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

This transaction is a resecuritization of the ownership interest in three commercial mortgage-backed certificates, all three of which are rated by Fitch as follows:

--ML-CFC Commercial Mortgage Trust 2007-6, class A-4, 'AAAsf'; Outlook to Negative from Stable;

--LB-UBS Commercial Mortgage Trust 2007-C6, class A-4, 'AAAsf'; Outlook Stable;

--CD 2007-CD4 Commercial Mortgage Trust, class A-4, 'AAAsf'; Outlook Stable.

RATING SENSITIVITIES

The underlying bonds are each rated 'AAAsf' with Stable Outlooks for two bonds and a Negative Outlook on the remaining underlying bond as of the last rating action. Future rating actions are not expected on the senior Re-REMIC bonds as the credit enhancement for each of the classes ML-A4A, LB-A4A, and CD-A4A is approximately 50% and is provided by the structural support of each of the underlying transactions and the ML-A4B, LB-A4B, and CD-A4B certificates, respectively. Credit enhancement for the ML-A4B, LB-A4B, and CD-A4B certificates is each approximately 30% and provided by the structural support of each of the underlying transactions. The Negative Outlook on class ML-A4B reflects the subordinate position of the bond in the Re-REMIC structure and the risk identified by the revised Outlook in the last rating action for the underlying ML-CFC 2007-6, class A-4 certificate.

As a resecuritization, the class ML-A4A and ML-A4B certificates receive their cash flows from the underlying class ML-CFC Commercial Mortgage Trust 2007-6, class A-4 certificate, which is backed by a pool of 131 multifamily and commercial mortgage loans and has 32.60% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $1.85 billion. The class ML-A4A and ML-A4B certificates have a total principal balance of $33,358,000 which represents approximately 4.6% of the total balance of the underlying class A-4 certificate.

As a resecuritization, the class LB-A4A and LB-A4B certificates receive their cash-flows from the underlying class LB-UBS Commercial Mortgage Trust 2007-C6, class A-4 certificate, which is backed by a pool of 155 multifamily and commercial mortgage loans and has 38.45% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.02 billion. The class LB-A4A and LB-A4B certificates have a total principal balance of $26,425,947 which represents approximately 2.9% of the total balance of the underlying class A-4 certificate and paydown of over $144K as of the January 2014 payment date.

As a resecuritization, the class CD-A4A and CD-A4B certificates receive their cash-flows from the underlying class CD 2007-CD4 Commercial Mortgage Trust, class A-4 certificates, which are backed by a pool of 322 multifamily and commercial mortgage loans and has 37.38% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $5.03 billion. The class CD-A4A and CD-A4B certificates have a total principal balance of $27,108,000 which represents approximately 1.6% of the total balance of the underlying class A-4 certificate.

Any extraordinary expenses incurred by the Trustee are paid first from an expense reserve in the amount of $100,000 per group ($300,000 total). Once the reserve is depleted, extraordinary expenses will be paid from available interest.

Fitch reviewed the underlying collateral and performed loan level stressed analysis as described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' dated Dec. 11, 2013.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821285

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

Martin Nunnally, +1 212-908-0871

Associate Director

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Committee Chairperson

Mary MacNeill, +1 212-908-0785

Managing Director

or

Media Relations:

Elizabeth Fogerty, +1 212-908-0526

elizabeth.fogerty@fitchratings.com

Source: Fitch Ratings


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