Fitch Upgrades One Class of BALL 2009-UBER2

NEW YORK--()--Fitch Ratings has upgraded one and affirmed 10 classes of Bank of America Large Loan, Inc. (BALL) commercial mortgage certificate-backed certificates series 2009-UBER2. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The upgrade reflects Fitch's analysis of the underlying A-4 bond of the MSCI 2007-HQ13 transaction, which serves as collateral for the subordinate standalone A-4B-7 re-REMIC bond. The rating of the underlying class was upgraded to 'AAsf' from 'Asf' at Fitch's most recent review of the MSCI 2007-HQ13 transaction. The upgrade reflects the improving credit enhancement of the underlying class due to higher than expected recoveries on disposed assets and delevering of the MSCI 2007-HQ13 transaction. For more information, please see 'Fitch Upgrades One Class of MSCI 2007-HQ13' (March 9, 2016).

This transaction is a resecuritization of the ownership interest in nine commercial mortgage-backed certificates. The transaction consists of two pooled senior re-REMIC bond groups backed by five underlying transactions each, one senior re-REMIC bond backed by one underlying transaction and nine subordinate standalone re-REMIC bonds backed by nine separate underlying transactions.

Of the Re-REMIC transaction's nine underlying bonds, six (BSCM 2007-PWR15 A-4, JPMC 2007-LDP11 A-4, WBCMT 2007-C33 A-4, CMLT 2008-LS1 A-4B, LBCMT 2007-C3 A-4, and MSCI 2007-IQ14 A-4) are not rated by Fitch and three (MSCI 2007-HQ13 A-3, BACM 2007-2 A-4 and BACM 2007-3 A-4) are rated by Fitch. For purposes of this review, the non-rated transactions were re-analyzed adhering to Fitch's criteria for U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC transactions.

The resecuritization's balance has been reduced to $238.58 million from $303.23 million due to partial principal paydown for eight of the underlying transactions (all of the underlying classes currently receive principal paydown, except the MSCI 2007-IQ14 A4). The principal paydown of the underlying classes support the senior re-remic classes (A-4A-A, A-4A-B and A-4A-C), whose current credit enhancements are over 50% and are provided by the underlying bonds and subordinate certificates. The subordinate A-4B-1 through the A-4B-9 re-remic classes each have credit enhancement ranging from 25% to 53% provided by the structural support of the underlying transactions. Losses on any mortgage loan will be allocated first to the lowest rated class of the mortgage loan's respective series. A potential risk posed by the unpooled junior series is that the pooled senior classes may experience losses while other loan-specific junior series classes remain outstanding.

The following commercial mortgage-backed securities, in order of size, are collateral for the re-REMIC securities:

--Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15: 6.9% interest in the class A-4, in the amount of $49,500,052. This transaction was not rated by Fitch. The underlying class A4 has approximately 31.87% credit enhancement. This transaction serves as collateral for classes A-4A-A, A-4A-C and A-4B-1.

--Banc of America Commercial Mortgage Trust 2007-3: 6.4% interest in the class A-4, in the amount of $45,873,208. Fitch affirmed the class A-4 at 'AAA' with a Stable Outlook on July 18, 2016. The underlying class A4 has approximately 42.8% credit enhancement. This transaction serves as collateral for classes A-4A-A, A-4A-B and A-4B-2.

--J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-LDP11: 3.3% interest in the class A-4, in the amount of $36,931,090. This transaction is not rated by Fitch. The underlying class A4 has approximately 37.5% credit enhancement. This transaction serves as collateral for classes A-4A-A and A-4B-3.

--Wachovia Bank Commercial Mortgage Trust, Series 2007-C33: 3.4% interest in the class A-4, in the amount of $28,560,739. This transaction is not rated by Fitch. The underlying class A-4 has approximately 43.7% credit enhancement. This transaction serves as collateral for classes A-4A-A and A-4B-4.

--Commercial Mortgage Loan Trust 2008-LS1: 3.7% interest in the class A-4B, in the amount of $19,578,306. This transaction is not rated by Fitch. The class underlying A-4B has approximately 24.99% credit enhancement. This transaction serves as collateral for classes A-4A-B and A-4B-5.

--Banc of America Commercial Mortgage Trust 2007-2: 4.9% interest in the class A-4, in the amount of $22,546,242. Fitch affirmed the class A-4 at 'AAA' with a Stable Outlook on Jan. 9, 2016. The underlying class A-4 has approximately 52.9% credit enhancement. This transaction serves as collateral for classes A-4A-B and A-4B-6.

--Morgan Stanley Capital I Trust 2007-HQ13: 5% interest in the class A-3, in the amount of $14,930,133. Fitch upgraded the class A-3 to 'AA' from 'A' and maintained the Stable Outlook on March 9, 2016. The underlying class A-3 has approximately 26.3% credit enhancement. This transaction serves as collateral for classes A-4A-B and A-4B-7.

--LB Commercial Mortgage Trust 2007-C3: 2.2% interest in the class A-4, in the amount of $10,660,299. This transaction is not rated by Fitch. The underlying class A-4 has approximately 37.72% credit enhancement. This transaction serves as collateral for classes A-4A-B and A-4B-8.

--Morgan Stanley Capital I Trust 2007-IQ14: 0.9% interest in the Class A-4, in the amount of $10,000,000. This transaction is not rated by Fitch. The underlying class A-4 has approximately 35.5% credit enhancement. This transaction serves as collateral for classes A-4A-A and A-4B-9.

RATING SENSITIVITIES

The Rating Outlooks on all the classes are considered Stable, which reflect the sufficient credit enhancements and continued principal paydown on the underlying transactions. Fitch monitor's the re-REMIC classes on an ongoing basis, in conjunction with the surveillance of the underlying transactions. Any rating actions taken on the underlying bonds, including assignments of Rating Outlooks or Rating Watches on the underlying bonds, may result in a rating action on the re-securitized bonds. For more information on the underlying Fitch rated securities, please see 'Fitch Upgrades One Class in MSCI 2007-HQ13' (March 9, 2016), 'Fitch Downgrades One Distressed Class of BACM 2007-2; Revises Outlook' (Jan. 8, 2016), and 'Fitch Upgrades 3 Classes of BACM 2007-3' (Aug. 11, 2016), which are all available at 'www.fitchratings.com'.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

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

Fitch has upgraded the following ratings:

--$4.7 million class A-4B-7 to 'AAsf' from 'Asf'; Outlook Stable.

Fitch has affirmed the following ratings and Rating Outlooks as indicated:

--$80.3 million class A-4A-A at 'AAAsf'; Outlook Stable;

--$57.3 million class A-4A-B at 'AAAsf'; Outlook Stable;

--$15.8 million class A-4A-C at 'AAAsf'; Outlook Stable;

--$19 million class A-4B-1 at 'AAAsf'; Outlook Stable;

--$18.6 million class A-4B-2 at 'AAAsf'; Outlook Stable;

--$9.5 million class A-4B-4 at 'AAAsf'; Outlook Stable;

--$7.5 million class A-4B-5 at 'Asf'; Outlook Stable;

--$8.3 million class A-4B-6 at 'AAAsf'; Outlook Stable;

--$3.6 million class A-4B-8 at 'AAAsf'; Outlook Stable;

--$2.8 million class A-4B-9 at 'Asf'; Outlook Stable.

Fitch does not rate the $11.1 million class A-4B-3.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/site/re/873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011478

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011478

Endorsement Policy

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

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Contacts

Fitch Ratings
Primary Analyst
Benson Thomas, +1-212-908-0645
Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
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
Benson Thomas, +1-212-908-0645
Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
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