NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms Credit Suisse First Boston Mortgage Securities Corp. (CSMC), series 2009-RR3 as follows:
--$75,145,000* class A5-A at 'AAA'; Outlook Stable;
--$60,100,000** class A5-A-A at 'AAA'; Outlook Stable;
--$15,045,000** class A5-A-B at 'AAA'; Outlook Stable;
--$30,000,000* class A5-B at 'AAA'; Outlook Stable;
--$14,900,000** class A5-B-A at 'AAA'; Outlook Stable;
--$15,100,000** class A5-B-B at 'AAA'; Outlook Stable.
**Exchangeable REMIC certificates
KEY RATING DRIVERS
The affirmations are a result of Fitch's affirmation of the underlying A-5 bond. This transaction is a resecuritization of the ownership interest in a single commercial mortgage-backed certificate, WBCMT series 2007-C30 class A-5. Principal and interest from the underlying commercial mortgage-backed certificate is applied to the A5-A, A5-B certificates in sequential order, while losses are applied in reverse sequential order.
Fitch reviewed the underlying transaction on March 26, 2014 and affirmed class A-5. For more information, see Fitch's commentary in 'Fitch Affirms WBCMT 2007-C30' (March 26, 2013).
The Re-REMIC bonds maintain Stable Outlooks and no rating actions are expected. Credit enhancement for class A5-A is approximately 50% and is provided by the structural support of the A5-B certificate. Credit enhancement for the A5-B certificate is approximately 30% and provided by the structural support of the underlying transaction.
As of the March 2014 remittance, the WBCMT 2007-C30 transaction consists of 229 multifamily and commercial mortgage loans with a principal balance of approximately $6.81 billion. Classes A5-A and A5-B have a total principal balance of $105,145,000 which represents approximately 5.6% of the total balance of the underlying class A5 certificate.
Any extraordinary trust fund expenses incurred by the Trustee up to the first $200,000 will be reimbursed to the Trustee by an affiliate of the depositor. In the event extraordinary trust fund expenses exceed $200,000, they will be paid from available interest.
Fitch reviewed the underlying collateral and performed loan level stressed analysis under the criteria described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', Dec. 11, 2013.
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. 11, 2013).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria