Fitch Ratings affirms RBSCF Trust 2010-RR4, resecuritization pass-through certificates, series 2010-RR4, as follows:
--$49,675,750* class CSMC-A at 'AAAsf'; Outlook Stable;
--$24,837,750** class CSMC-A1 at 'AAAsf'; Outlook Stable;
--$12,419,000** class CSMC-A2 at 'AAAsf'; Outlook Stable;
--$12,419,000** class CSMC-A3 at 'AAAsf'; Outlook Stable;
--$37,256,000** class CSMC-A4 at 'AAAsf'; Outlook Stable;
--$24,838,000** class CSMC-A5 at 'AAAsf'; Outlook Stable.
Fitch does not rate classes CSMC-B, CSMC-B1 and CSMC-B2.
* Exchangeable REMIC Certificates
** Exchangeable Certificates
This transaction is a resecuritization of the ownership interest in five commercial mortgage-backed certificates which total $480.3 million. The transaction consists of five re-REMIC bond groups backed by five underlying bonds.
Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds in sequential order. The certificates are collateralized by $69.5 million (7.1% interest) of the Credit Suisse Commercial Mortgage Trust Series 2007-C5, class-A-4 certificates. The class A-4 is rated 'AAA'; Outlook Stable, which was affirmed by Fitch on Dec. 5, 2012. The underlying class A-4 has approximately 29.6% credit enhancement.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011);
--'U.S. Commercial Mortgage Re-REMIC Criteria; (Feb. 23, 2012).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
U.S. Commercial Mortgage Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672269
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