Fitch Affirms CSMC 2010-RR7

CHICAGO--(BUSINESS WIRE)--Fitch Ratings affirms Credit Suisse First Boston Mortgage Securities Corp., (CSMC) series 2010-RR7 as follows:

--$39,875,000* class 1-A at 'AAAsf '; Outlook Stable;
--$31,895,000** class 1-A-A at 'AAAsf '; Outlook Stable;
--$7,980,000** class 1-A-B at 'AAAsf '; Outlook Stable;
--$7,980,000** class 1-B-A at 'AAAsf '; Outlook Stable;
--$49,735,000* class 2-A at 'AAAsf '; Outlook Stable;
--$39,785,000** class 2-A-A at 'AAAsf '; Outlook Stable;
--$9,950,000** class 2-A-B at 'AAAsf '; Outlook Stable;
--$19,630,000* class 2-B at 'AAAsf '; Outlook Stable;
--$9,945,000** class 2-B-A at 'AAAsf '; Outlook Stable;
--$9,685,000** class 2-B-B at 'AAAsf '; Outlook Stable;
--$69,365,000* class 2-A-3 at 'AAAsf'; Outlook Stable.

*Exchangeable certificates
**Exchangeable REMIC certificates

Fitch does not rate classes 1-A-4, 1-B, and 1-B-B.

RATING DRIVERS
The affirmations are the result of the affirmations of the underlying bonds in two transactions rated by Fitch. This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates. The transaction consists of two non-pooled re-REMIC bond groups each backed by one underlying super-senior bond. Each newly issued bond group is split into one senior and one support class of certificates. Principal and interest from the underlying commercial mortgage-backed certificates is applied to its respective bond group sequentially while losses from the underlying commercial mortgage-backed certificates are applied to their respective bond group in reverse sequential order.

RATING SENSITIVITY
The underlying bonds have Stable Outlooks and no rating actions are anticipated.

Credit enhancement is approximately 60% for classes 1-A-A and 2-A-A; 50% for classes 1-A, 1-A-B, 2-A and 2-A-B; 40% for classes 1-B-A and 2-B-A; and 30% for classes 1-A-4, 1-B, 1-B-B, 2-B, 2-B-B, and 2-A-3. Credit enhancement for each class is provided by the structural support of the underlying transaction and the respective subordinate classes in the resecuritization.

The following commercial mortgage-backed securities are collateral for the re-REMIC securities rated by Fitch:

ML-CFC Commercial Mortgage Trust, series 2007-5:
Class A-4 affirmed at 'AAAsf; Outlook Stable by Fitch on Oct. 24, 2012 serves as collateral for the classes 1-A, 1-A-A, 1-A-B, 1-B, 1-B-A, 1-B-B, and 1-A-4 re-REMIC bonds.

Credit Suisse Commercial Mortgage Trust, series 2006-C4:
Class A-3 affirmed at 'AAAsf'; Outlook Stable by Fitch on Feb. 1, 2013 serves as collateral for the classes 2-A, 2-A-A, 2-A-B, 2-B, 2-B-A, 2-B-B, and 2-A-3 re-REMIC bonds.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 18, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', 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:
--U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).

Applicable Criteria and Related Research
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

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