Fitch Rates RBSCF Trust 20010-RR4 Pass-Through Certificates, Series 2010-RR4

CHICAGO--(BUSINESS WIRE)--Fitch Ratings rates RBSCF 2010-RR4, resecuritization pass-through certificates, series 2010-RR4, as follows:

$49,675,750* class CSMC-A 'AAAsf'; Outlook Stable;

$24,837,750** class CSMC-A1 'AAAsf'; Outlook Stable;

$12,419,000** class CSMC-A2 'AAAsf'; Outlook Stable;

$12,419,000** class CSMC-A3 'AAAsf'; Outlook Stable;

$37,256,000** class CSMC-A4 'AAAsf'; Outlook Stable;

$24,838,000** class CSMC-A5 '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 $524,070,091. 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. Losses will be applied in reverse sequential order.

Fitch has only assigned ratings for the CSMC group (referenced above), which is collateralized by $69.5 million (7.1% interest) of the Credit Suisse Commercial Mortgage Trust series 2007-C5, class-A4 certificates. The class A-4 is rated 'AAA' with a Stable Outlook. The underlying class A-4 has approximately 30% credit enhancement. The underlying transaction is backed by a pool of 192 commercial and multifamily loans.

Fitch reviewed the underlying collateral for the underlying utilizing the stresses described in 'Surveillance Methodology for Recent Vintage US CMBS' dated July 7, 2009, to reflect forward-looking potential cash flow and value declines. Fitch received sufficient data from the issuer and respective servicers including property financials, asset summaries and rent rolls.

The trustee fee has been paid upfront by the issuer. Any extraordinary trust fund expenses incurred by the Trustee will be paid out of available interest on a monthly basis. If available interest is insufficient, reimbursements will roll to the next distribution date.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria', dated Sept. 30,

2009;

--'U.S. Commercial Mortgage Re-REMIC Criteria', dated Jan. 12,

2010;

--'Surveillance Methodology for Recent Vintage U.S. CMBS', dated July 7, 2009;

--'U.S. Commercial Mortgage Servicer Rating Criteria', dated June 19, 2009;

--'Special Purpose Vehicles in Structured Finance Transactions', dated Sept. 17, 2009.

Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

U.S. Commercial Mortgage Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=495148

Surveillance Methodology for Recent Vintage U.S. CMBS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=457782

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=449886

Special-Purpose Vehicles in Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=466618

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