Fitch Affirms BCRR Trust 2009-1

NEW YORK--()--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.

KEY RATING DRIVERS

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.

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 Jan. 6, 2016. The affirmation of class I-A1 at 'AAAsf' was the result of credit enhancement for I-A1 certificates being approximately 55%. Credit enhancement is provided by the structural support of the underlying transaction as well as the subordinate certificates in the re-securitization. Class I-A1 currently receives principal payments.

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 May 12, 2016. Class II-A1 currently receives principal payments.

RATING SENSITIVITIES

The underlying security for the class I certificates has a Negative Rating Outlook due to the high leverage of the pool overall as well as the many large loans that are experiencing performance issues. The class I-A2 remains vulnerable to downgrade should collateral performance continue to deteriorate. The class I-A1 certificates are likely to remain stable due to the approximately 55% credit support provided by the underlying transaction. The security underlying the class II certificates maintains a Stable Rating Outlook and no near-term rating actions are expected.

Fitch has affirmed the following classes:

--$48.3 million class I-A1 at 'AAA'; Outlook Stable;

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

--$114.9 million class II-A1 at 'AAA'; Outlook Stable;

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

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1004711

Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1004711

Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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:
Benson Thomas, +1-212-908-0645
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Christopher Bushart, +1-212-908-0606
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Benson Thomas, +1-212-908-0645
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson:
Christopher Bushart, +1-212-908-0606
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
sandro.scenga@fitchratings.com