Fitch Takes Various Actions on CSMC Series 2009-RR4

CHICAGO--()--Fitch Ratings has placed two classes on Rating Watch Negative, affirmed four classes and revised the Outlook on one class from Credit Suisse First Boston Mortgage Securities Corp. (CSMC), series 2009-RR4. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The Rating Watch Negative placements are due to Fitch placing the underlying CSMC 2007-C5 class A4 on Rating Watch Negative. This underlying class was placed on Negative Watch by Fitch on Nov. 25, 2014. Principal and interest from the underlying commercial mortgage-backed certificate is applied to the A4-A and A4-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 A4 bonds and the rating is based on the underlying security.

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

RATING SENSITIVITIES

Classes with Stable Outlooks reflect that no rating changes are anticipated as the classes have implied credit enhancement of approximately 50%.

The Rating Watch Negative on classes A4-B and A4-B-B, each of which is a direct pass-through to the underlying bonds, reflect concerns with continued deterioration of the performance of the CSMC 2007-C5 pool. Fitch will review the transaction in detail in the coming weeks as updated valuations and workout strategies of the specially serviced loans are received and evaluated. The Negative Outlook on class A4-B-A reflects concerns that the credit enhancement of approximately 40% provided by the structural support of the underlying transaction may be not be sufficient to maintain the current rating should loss expectations continue to rise.

Fitch places the following classes on Rating Watch Negative:

-- $9,660,000* class A4-B at 'AAAsf';

-- $4,830,000** class A4-B-B at 'AAAsf'.

Fitch affirms the following classes and revises the Rating Outlook on one class:

-- $24,267,000* class A4-A at 'AAAsf'; Outlook Stable;

-- $19,400,000** class A4-A-A at 'AAAsf'; Outlook Stable;

-- $4,867,000** class A4-A-B at 'AAAsf'; Outlook Stable;

-- $4,830,000** class A4-B-A at 'AAAsf'; Outlook to Negative from Stable.

*Exchangeable certificates

**Exchangeable REMIC certificates

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

Applicable Criteria and Related Research:

-- 'Global Structured Finance Rating Criteria' (May 20, 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=934635

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, Inc.
Primary Analyst
Jay Bullie, +1-312-368-2079
Associate Director
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings, Inc.
Primary Analyst
Jay Bullie, +1-312-368-2079
Associate Director
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com