Fitch Affirms RBSCF Trust 2010-RR4

NEW YORK--()--Fitch Ratings affirms RBSCF Trust 2010-RR4, re-securitization 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.

* Exchangeable REMIC Certificates

** Exchangeable Certificates

Fitch does not rate classes CSMC-B, CSMC-B1 and CSMC-B2.

KEY RATING DRIVERS

The affirmations are based on the performance of the bonds relative to the underlying collateral. This transaction is a re-securitization of the ownership interest in a single commercial mortgage-backed certificate, CSMC 2007-C5 Class A-4 (rated 'AAA' with a Stable Outlook by Fitch). This underlying class was affirmed by Fitch at 'AAAsf', with a Stable Outlook on Nov. 27, 2013. Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds in sequential order, while losses are applied in reverse sequential order. As a re-securitization, the class will receive cash flows from the underlying class A4 bonds and the rating is based on the underlying security.

For additional information on the underlying security please see the release 'Fitch Affirms CSMC 2007-C5' (Nov. 27, 2013) available at 'www.fitchratings.com'.

RATING SENSITIVITY

Ratings are expected to remain stable due to sufficient credit enhancement of the underlying class.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 18, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=810615

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.

Contacts

Fitch Ratings
Primary Analyst
Sean Gibbs, +1-212-908-0311
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
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

Sharing

Contacts

Fitch Ratings
Primary Analyst
Sean Gibbs, +1-212-908-0311
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
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