Fitch Affirms BCRR Trust Series 2009-1

CHICAGO--()--Fitch Ratings has affirmed all classes of Banc of America ReREMIC Trust, resecuritization pass-through certificates, series 2009-1 (BCRR TRUST 2009-1). A complete list of rating actions follows at the end of this release.

This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates rated by Fitch: GS Mortgage Securities Trust 2007-GG10, class A-4, rated 'Asf'; Outlook Negative, and LB-UBS Commercial Mortgage Trust, series 2007-C6, class A-4, rated 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

As a resecuritization, the class I certificates receive their cash-flows from the underlying class GS Mortgage Securities Trust 2007-GG10 A-4 certificate and the rating from the underlying security. This underlying class was affirmed at 'Asf', Outlook Negative on March 20, 2014. The affirmation of class I-A1 at 'AAAsf' was the result of credit enhancement for I-A1 certificates being approximately 50%. Credit enhancement is provided by the structural support of the underlying transaction as well as the subordinate certificates in the re-securitization. Since Fitch's last rating action on the ReREMIC, class I-A1 has begun receiving principal.

As a resecuritization, the class II certificates will receive their cash-flows from the underlying class LB-UBS Commercial Mortgage Trust, series 2007-C6 (LBUBS 2007-C6), class A-4 certificate and the rating from the underlying security. This underlying class was affirmed by Fitch at 'AAAsf', Outlook Stable on June 18, 2014. Since Fitch's last rating action on the ReREMIC, class II-A1 has begun receiving principal.

RATING SENSITIVITIES

The underlying security for the class I certificates has a Negative Rating Outlook due to the possibility that losses may exceed the currently expected levels on the large number of specially serviced loans in the pool. The class I-A2 remains vulnerable to downgrade should losses exceed currently expected levels. The class I-A1 certificates are likely to remain stable due to the approximately 50% credit support provided by the underlying transaction. The security underlying the class II certificates maintains a Stable Rating Outlook and no rating actions are expected.

Fitch has affirmed the following classes:

--$50.7 million class I-A1 at 'AAAsf'; Outlook Stable;

--$23.2 million class I-A2 at 'Asf'; Outlook Negative;

--$155.1 million class II-A1 at 'AAAsf'; Outlook Stable;

--$67.3 million class II-A2 at 'AAAsf'; Outlook Stable.

For additional information on the underlying securities please see the releases 'Fitch Downgrades 6 Distressed Classes of GSMSC 2007-GG10' (March 20, 2014) and 'Fitch Downgrades 1 Distressed Class and Affirms 19 Classes of LBUBS 2007-C6' (June 18, 2014) available at 'www.fitchratings.com'.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 8, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=839878

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
Britt Johnson, +1-312-606-2341
Senior Director
Fitch Ratings, 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

Sharing

Contacts

Fitch Ratings
Primary Analyst
Britt Johnson, +1-312-606-2341
Senior Director
Fitch Ratings, 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