Fitch Affirms GSMSC 2009-RR1

NEW YORK--()--Fitch Ratings affirms GS Mortgage Securities Corporation II, GSMS Trust 2009-RR1. A detailed list of the rating actions follows at the end of this press release.

KEY RATING DRIVERS

This transaction is a resecuritization of a pari passu ownership interest in four commercial mortgage-backed certificates, none of which are rated by Fitch: CSMC 2006-C5 class A-3, GCCFC 2006-GG7 class A-4, JPMCC 2006-LDP8 class A-4, and MLCFC 2006-4 class A-3.

Credit Suisse Commercial Mortgage Trust 2006-C5 is currently backed by a pool of 237 multifamily and commercial mortgage loans and A-3 has 32.72% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.3 billion.

Greenwich Capital Commercial Funding Corp 2006-GG7 is currently backed by a pool of 97 multifamily and commercial mortgage loans and A-4 has 31.27% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.7 billion.

J.P. Morgan Chase Commercial Mortgage Securities Corp 2006-LDP8 is currently backed by a pool of 107 multifamily and commercial mortgage loans and has A-4 has 47.92% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $1.7 billion.

ML-CFC Commercial Mortgage Trust 2006-4 is currently backed by a pool of 214 multifamily and commercial mortgage loans and A-3 has 42.34% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.5 billion.

Credit enhancement for classes CS-A, GG-A, GG-A3, GG-A5, JP-A, JP-A3, JP-A5, ML-A, ML-A3, and ML-A5 is approximately 50% and is provided by the structural support of each respective underlying transaction and each respective subordinate class in the resecuritization.

Credit enhancement for classes GG-A1, JP-A1, and ML-A1 is approximately 75% and is provided by the structural support of each respective underlying transaction and the respective subordinate classes in the resecuritization.

Credit enhancement for classes GG-A2, GG-A4, JP-A2, JP-A4, ML-A2, and ML-A4 is approximately 63% and is provided by the structural support of each respective underlying transaction and the respective subordinate classes in the resecuritization.

Any extraordinary expenses incurred by the Trustee are paid first from an expense reserve in the amount of $100,000 per group ($400,000 total). Once the reserve is depleted, extraordinary expenses will be paid from available interest then available principal.

Fitch reviewed the underlying collateral and performed loan level stressed analysis under the criteria described in 'US Fixed-Rate Multiborrower and Re REMIC Criteria', Dec. 10, 2014.

RATING SENSITIVITIES

All the ratings maintain Stable Outlooks as there are no rating changes expected due to the significant implied credit enhancement on each of the rated Re REMIC bonds.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following classes as indicated:

--$23,442,021 class CS-A at 'AAA'; Outlook Stable;

--$49,696,836 * class GG-A at 'AAA'; Outlook Stable;

--$22,975,336** class GG-A1 at 'AAA'; Outlook Stable;

--$13,360,750** class GG-A2 at 'AAA'; Outlook Stable;

--$13,360,750** class GG-A3 at 'AAA'; Outlook Stable;

--$36,336,086** class GG-A4 at 'AAA'; Outlook Stable;

--$26,721,500** class GG-A5 at 'AAA'; Outlook Stable;

--$32,361,927* class JP-A at 'AAA'; Outlook Stable;

--$13,708,427** class JP-A1 at 'AAA'; Outlook Stable;

--$9,326,750** class JP-A2 at 'AAA'; Outlook Stable;

--$9,326,750** class JP-A3 at 'AAA'; Outlook Stable;

--$23,035,177** class JP-A4 at 'AAA'; Outlook Stable;

--$18,653,500** class JP-A5 at 'AAA'; Outlook Stable;

--$32,970,301* class ML-A at 'AAA'; Outlook Stable;

--$12,666,801** class ML-A1 at 'AAA'; Outlook Stable;

--$10,151,750** class ML-A2 at 'AAA'; Outlook Stable;

--$10,151,750** class ML-A3 at 'AAA'; Outlook Stable;

--$22,818,551** class ML-A4 at 'AAA'; Outlook Stable;

--$20,303,500** class ML-A5 at 'AAA'; Outlook Stable.

*Exchangeable REMIC certificates

** Exchangeable certificates

Fitch does not rate classes CS-B, GG-B, JP-B, and ML-B. This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. The class GG-A, GG-A1, GG-A2, GG-A3, GG-A4, GG-A5, JP-A, JP-A1, JP-A2, JP-A3, JP-A4, JP-A5, ML-A, ML-A1, ML-A2, ML-A3, ML-A4, and ML-A5 certificates are exchangeable certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria (pub. 10 Dec 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989060

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989060

Endorsement Policy

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

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Contacts

Fitch Ratings
Primary Analyst
Martin Nunnally
Associate Director
+1-212-908-0871
Fitch Ratings, Inc.
33 Whitehall Street
or
Committee Chairperson
Karen Trebach
+1-212-908-0215
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Martin Nunnally
Associate Director
+1-212-908-0871
Fitch Ratings, Inc.
33 Whitehall Street
or
Committee Chairperson
Karen Trebach
+1-212-908-0215
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com