Fitch Ratings Affirms DDR I Depositor LLC Trust 2009-DDR1

CHICAGO--()--Fitch Ratings has affirmed DDR I Depositor LLC Trust 2009 Commercial Mortgage Pass-Through Certificates Series 2009-DDR1 as follows:

--$301.7 million class A at 'AAAsf'; Outlook Stable;

--$41.5 million class B at 'AAsf'; Outlook Stable;

--$35 million class C at 'Asf'; Outlook Stable.

The affirmations are a result of stable portfolio performance since issuance. The pool benefits from increased credit enhancement due to amortization and defeasance of the largest property in the pool. The loan balance has amortized down 5.46% to $378.2 million from $400 million at issuance.

KEY RATING DRIVERS

Portfolio-wide occupancy has increased to 95.04% as of September 2012 compared with 91.8% at issuance. The servicer's reported annualized NOI as of September 2012 was $60.4 million compared with $66.2 million at issuance. The most recently reported NOI excludes the NOI contribution from the defeased property. The largest property in the pool, Town Center Plaza, representing 13.6% of the original pool balance was defeased in October 2011.

Fitch analyzed the most recent financial statements and rent rolls provided by the servicer, whereby the financial statements were from March 30, 2012 and the rent rolls were dated as of Sept. 30, 2012. Approximately 7.5% of the leases in the portfolio expire in 2013 with substantial rollover risk occurring in 2014 when 19.1% of leases expire, concurrent with the loan's maturity. An additional 13.2% of leases expire in 2015. Leases expiring in 2014 include 20 anchor tenants greater than 20,000 sf.

The top five tenants representing 25.3% of total square footage are Wal-Mart, Lowes, Home Depot, Ross Dress For Less and Michael's. The properties are located across 19 states with the highest exposure in North and South Carolina (23% of the pool).

The DDR 2009-1 certificates represent the beneficial interests in a single non-recourse mortgage loan secured by cross-collateralized and cross-defaulted first-lien mortgages or deeds of trust on fee and leasehold interests in 28 retail properties. Interest is fixed over five years at a weighted average coupon of 4.225% and the loan amortizes on a 30-year schedule. The loan's maturity is October 2014.

Additional information on Fitch's criteria for analyzing Large Loans in U.S. Commercial Mortgage transactions is available in the Sept. 21, 2012 report, 'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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);

--'Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions' (Sept. 21, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688831

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Contacts

Fitch Ratings
Primary Analyst
David Ro, +1-312-368-3132
Associate Director
Fitch, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
David Ro, +1-312-368-3132
Associate Director
Fitch, Inc.
70 W. Madison St.
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com