Fitch Affirms all Classes of RBSCF Trust 2009-RR1

NEW YORK--()--Fitch Ratings has affirmed the ratings for all classes of RBSCF Trust 2009-RR1. A detailed list of the rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations are the result of the affirmation of the rating of the remaining underlying bond. This transaction is a re-securitization of the ownership interest in a single commercial mortgage-backed certificate, J.P. Morgan Chase Commercial Mortgage Securities Trust series 2008-C2 (JP Morgan 2008-C2) class A-4, which was affirmed at 'Asf' with a Negative Outlook on July 31, 2014 by Fitch. Principal and interest from the underlying commercial mortgage-backed certificate are applied to the class A and B certificates in sequential order, while losses are applied in reverse sequential order. As a re-securitization, the class will receive cash flows from the underlying class A-3 bonds and the rating is based on the underlying security.

Since Fitch's last rating action, the certificates tied to the CSMC 2007-C4 transaction have paid in full after the underlying A-3 bond paid in full in July 2014.

RATING SENSITIVITIES

The class A certificates have a Stable Outlook based on the classes' senior position and higher credit enhancement. The class B certificate, which is a direct pass through to the underlying bond, maintains a Negative Outlook.

JP Morgan 2008-C2 is currently backed by a pool of 64 loans with an aggregate remaining principal balance of approximately $760 million. The class A-4 certificates in the underlying transaction had 26.2% credit enhancement, as of the July 2014 remittance date. The underlying class maintains its Negative Outlook based on a lack of updated values for certain of the specially serviced loans.

For additional information on the underlying security please see, 'Fitch Affirms JP Morgan 2008-C2', dated July 31, 2014), which is available at 'www.fitchratings.com'.

Fitch affirms the following classes:

Group JPMCC

--$36.7 million* class JPMCC-A at 'AAAsf'; Outlook Stable;

--$16.9 million** JPMCC-A1 at 'AAAsf'; Outlook Stable;

--$9.9 million** class JPMCC-A2 at 'AAAsf'; Outlook Stable;

--$9.9 million** class JPMCC-A3 at 'AAAsf'; Outlook Stable;

--$26.8 million** class JPMCC-A4 at 'AAAsf'; Outlook Stable;

--$19.8 million** class JPMCC-A5 at 'AAAsf'; Outlook Stable;

--$15.7 million class JPMCC-B at 'Asf'; Outlook Negative.

* Exchangeable REMIC Certificate

** Exchangeable Certificates

The Group CSMC Class A and B certificates, classes CSMC-A, CSMC-A-1, CSMC-A2, CSMC-A3, CSMC-A4, CSMC-A5, and CSMC-B, have paid in full.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug.4 , 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

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=846154

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
Stacey McGovern, +1 212-908-0722
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Stacey McGovern, +1 212-908-0722
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com