News Column

Fitch Affirms Morgan Stanley Re-REMIC Series 2010-HQ4

May 22, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms the following classes of Morgan Stanley & Co, Inc.Re-REMIC Trust 2010-HQ4, pass-through certificates:

--$6,319,703 class A7A at 'AAAsf'; Outlook Stable;

--$14,042,000 class AM at 'AAAsf'; Outlook Stable.

Fitch does not rate class AJ or the class A7B and A7 certificates.

KEY RATING DRIVERS:

This transaction is a resecuritization of the ownership interest in one commercial mortgage-backed certificate: Morgan Stanley Capital I Trust's (MSCI) commercial mortgage pass-through certificates, series 2004-HQ4, class A7. The underlying class was upgraded by Fitch to 'AAA' with a Stable Outlook on May 22, 2014.

RATING SENSITIVITIES:

No rating changes are anticipated as the Rating Outlooks are stable. The Re-REMIC certificates receive their cash-flows from the class A7 certificate, which is backed by a pool of 38 multifamily and commercial mortgage loans and currently has 36.32% credit support in the underlying transaction. Class A7A is senior to class AM and class AJ and represents approximately 20% of the remaining $31 million Re-REMIC transaction balance. Class AM is senior to class AJ and represents approximately 45% of the transaction balance. Class AJ represents the additional 34%. The underlying transaction has a remaining principal balance of approximately $308 million.

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. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

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=831360

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 Street

New York, NY 10004

or

Committee Chairperson

Britt Johnson, +1 312-606-2341

Senior Director

or

Media Relations:

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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