Fitch Affirms MSRR 2009-GG10 and MSRR 2010-GG10

CHICAGO--()--Fitch Ratings has affirmed all classes of Morgan Stanley Re-REMIC Trust (MSRR) series 2009-GG10 and 2010-GG10, commercial mortgage pass-through certificates. A complete list of rating actions follows at the end of this release. The transactions are both resecuritizations of the ownership interest in GS Mortgage Securities Trust 2007-GG10, class A-4, rated 'Asf'; Outlook Negative.

KEY RATING DRIVERS

As a resecuritization, the 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 on February 19, 2015. The affirmation of class A4A was the result of credit enhancement for the A4A 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.

RATING SENSITIVITIES

The underlying security for the certificates has a Negative Rating Outlook due to the high leverage of the pool overall as well as the many large loans that struggle with performance issues. The A4B class remains vulnerable to downgrade should losses exceed currently expected levels or should additional loans transfer to the special servicer. The class A4A certificates in both transactions are likely to remain stable due to the approximately 50% credit support provided by the underlying transaction.

Fitch has affirmed the following classes:

MSRR 2009-GG10

--$674.2 million class A4A at 'AAAsf'; Outlook Stable;

--$314 million class A4B at 'Asf'; Outlook Negative.

MSRR 2010-GG10

--$604.5 million class A4A at 'AAAsf'; Outlook Stable.

Fitch does not rate classes A4B, A4B-1, A4B-2 or A4 of MSRR 2010-GG10.

For additional information on the underlying securities please see the releases 'Fitch Downgrades 1 Distressed Classes of GSMSC 2007-GG10' (Feb. 19, 2015) available at 'www.fitchratings.com'.

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

Applicable Criteria and Related Research:

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

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (December 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=980363

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
R. Brook Sutherland, +1-312-606-2346
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

Contacts

Fitch Ratings
Primary Analyst
R. Brook Sutherland, +1-312-606-2346
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