Fitch Affirms BALL 2009-UBER1

CHICAGO--()--Fitch Ratings has affirmed both classes of Banc of America Large Loan, Inc.'s Banc of America Re-REMIC Trust 2009, commercial mortgage certificate-backed certificates, series 2009-UBER1 (BALL 2009-UBER1). A detailed list of the rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are due to the overall stable performance of the underlying transactions. Eight of the nine underlying bonds are rated by Fitch; one transaction is has a Fitch shadow rating.

As of the July 2014 distribution date, Fitch has public ratings on eight of the nine underlying bonds with current ratings as follows:

--BACM 2007-3; A-4; 19.1% of the Re REMIC: 'AAAsf', Outlook Stable;

--CWCI 2007-C3; A-4; 18.1%; 'AAAsf', Outlook Stable;

--GSMS 2006-GG8; A-4; 11.3%: 'AAAsf', Outlook Stable;

--JPMCC 2007-LDP10; A-3; 13.1%: 'AAAsf', Outlook Stable;

--LBUBS 2007-C6; A-4; 7.6%: 'AAAsf', Outlook Stable;

--ML CFC 2006-3; A-4; 9.9%: 'AAAsf', Outlook Stable;

--ML CFC 2007-9; A-4; 7.9%: 'AAAsf', Outlook Stable;

--MLMT 2007-C1; A-4; 3.9%: 'Asf', Outlook Negative.

Fitch does not rate the underlying A-4 bond in BACM 2006-6 (9.1% of the Re REMIC). As part of its analysis, Fitch reviewed the performance of the non-rated BACM 2006-6 using the Surveillance Methodology for U.S. Fixed Rate CMBS Transactions and determined the performance to be indicative of an affirmation of the bond's shadow rating.

These ratings were incorporated into Fitch's analysis of the Re-REMIC. Since Fitch's previous review of the Re REMIC, the Outlook for one bond was revised to Negative from Stable (MLMT 2007-C1, A4) and the Outlook for another was revised to Stable from Negative (JPMMC 2007-LDP10, A-3). For additional information on the underlying securities, please see the releases 'Fitch Downgrades 7 Classes of JPMCC 2007-LDP 10' (July 2, 2014) and 'Fitch Affirms Ratings for 21 Classes of MLMT 2007-C1' (July 11, 2014) available at 'www.fitchratings.com'.

This transaction was also analyzed under the framework described in the report 'Global Rating Criteria for Structured Finance CDOs' using the Portfolio Credit Model (PCM) for projecting future default levels for the underlying portfolio. The degree of correlated default risk of the collateral is high given the single sector and vintage concentration. Based on this analysis and given the credit enhancement available to classes A-4A and A-4B, the credit characteristics of the bonds are consistent with the ratings assigned above.

This transaction is a resecuritization of the ownership interest in nine commercial mortgage-backed certificates which total $355,566,168. Principal and interest from the underlying certificates are pooled and applied to the A-4A and A-4B certificates in sequential order, while losses are applied in reverse sequential order.

RATING SENSITIVITIES

The class A-4A bond has a Stable Outlook based on the class's senior position and higher credit enhancement. Within the last year, principal paydown has begun and the class has received paydown of 4.9%. The Negative Outlook for the class A-4B bond reflects the subordinate position of the bond and the risk of negative rating migration to the underlying MLMT 2007-C1 transaction. Should additional downgrades to the underlying transaction occur, downgrades to class A-4B are possible.

Fitch has affirmed the following classes:

--$250,715,115 class A-4A at 'AAAsf'; Outlook Stable.

--$104,851,053 class A-4B at 'A-'sf'; Outlook Negative.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Global Rating Criteria for Structured Finance CDOs' (July 16, 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=754389

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=751136

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=847594

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
Jay Bullie
Associate Director
+1-312-368-2079
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Jay Bullie
Associate Director
+1-312-368-2079
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com