Fitch Affirms RBSCF Trust 2010-RR4

NEW YORK--()--Fitch Ratings affirms RBSCF Trust 2010-RR4, re-securitization pass-through certificates series 2010-RR4, as follows:

--$49,675,750* class CSMC-A at 'AAAsf'; Outlook Stable;

--$24,837,750** class CSMC-A1 at 'AAAsf'; Outlook Stable;

--$12,419,000** class CSMC-A2 at 'AAAsf'; Outlook Stable;

--$12,419,000** class CSMC-A3 at 'AAAsf'; Outlook Stable;

--$37,256,000** class CSMC-A4 at 'AAAsf'; Outlook Stable;

--$24,838,000** class CSMC-A5 at 'AAAsf'; Outlook Stable.

* Exchangeable REMIC Certificates

** Exchangeable Certificates

Fitch does not rate classes CSMC-B, CSMC-B1 and CSMC-B2.

KEY RATING DRIVERS

The affirmations are based on the credit enhancement provided by the underlying transaction as well as the subordinate certificates in the re-securitization. This transaction is a re-securitization of a 7.1% ownership interest in a single commercial mortgage-backed certificate, CSMC 2007-C5 class A-4. The underlying class A-4, rated 'AAAsf', was placed on Rating Watch Negative by Fitch on Nov. 25, 2014. The underlying class A-4 has approximately 29.9% credit enhancement. The class CSMC-A has approximately 50% credit enhancement from the underlying transaction and the subordinate class CSMC-B. The non-rated classes CSMC-B and CSMC-B2 both have an approximate credit enhancement of approximately 29.9% from the underlying class A-4.

Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds 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-4.

There are four different combinations of exchangeable certificates for each respective senior bond. The holder of the A certificates may exchange for A-1, A-2, A-3. Holder of class A-1 & A-2 can exchange for A-4. Holder of class A-2 & A-3 can exchange for class A-5. The holder of the subordinate class B certificates can exchange for B-1 & B-2. The reverse exchanges are also permitted.

For additional information on the underlying class A-4 security, please see the release 'Fitch Takes Various Actions on CSMC 2007-C5; Places 2 Classes on Rating Watch Negative' (Nov. 25, 2014) available at 'www.fitchratings.com'.

RATING SENSITIVITIES

Ratings are expected to remain stable due to sufficient credit enhancement provided by the underlying transaction and the respective subordinate classes.

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=934475

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Contacts

Fitch Ratings
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director

Contacts

Fitch Ratings
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com
or
Primary Analyst
Jeffrey Diliberto, +1-212-908-9173
Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director