Fitch Rates BCAP LLC 2011-RR11 Trust

This is a test header.

---

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned 'Asf' ratings with Stable Outlooks to 26 classes of BCAP LLC Resecuritization Trust Securities, Series 2011-RR11. A full list of rating actions follows at the end of this release.

There are 31 groups in the BCAP 2011-RR11. Fitch is rating 8 of the groups - groups 7, 9, 12, 16, 18, 19, 20, and 21. Each group is a resecuritization of an ownership interest in one mortgage-backed certificate. As a resecuritization, the certificates will receive their cash-flow from the underlying certificate. The Fitch-rated groups are backed by conventional prime, first-lien mortgage loans.

This transaction contains certain classes designated as Initial Exchangeable Certificates and others as Subsequent Exchangeable Certificates, 26 of which are rated by Fitch. For Group 7, classes 7A1 and 7A2 are Initial Exchangeable Certificates and Class 7A3 is a Subsequent Exchangeable Certificate. For Group 9, classes 9A1 and 9A2 are Initial Exchangeable Certificates and Class 9A3 is a Subsequent Exchangeable Certificate. For Group 12, classes 12A1 and 12A2 are Initial Exchangeable Certificates and Class 12A3 is a Subsequent Exchangeable Certificate. For Group 16, classes 16A1 and 16A2 are Initial Exchangeable Certificates and Class 16A3, 16A4, 16A5 and 16A6 are Subsequent Exchangeable Certificate. For Group 18, classes 18A1 and 18A2 are Initial Exchangeable Certificates and Class 18A3, 18A4, 18A5 and 18A6 are Subsequent Exchangeable Certificate. For Group 19, classes 19A1 and 19A2 are Initial Exchangeable Certificates and Class 19A3, 19A4, 19A5 and 19A6 are Subsequent Exchangeable Certificate. For Group 20, classes 20A1 and 20A2 are Initial Exchangeable Certificates and Class 20A3, 20A4, 20A5, 20A6, 20A7 and 20A8 are Subsequent Exchangeable Certificate. For Group 21, classes 21A1 and 21A2 are Initial Exchangeable Certificates and Class 21A3, 21A4, 21A5, 21A6, 21A7 and 21A8 are Subsequent Exchangeable Certificate. For all Fitch rated groups, interest is paid pro-rata and principal is paid sequentially.

Key rating drivers include the performance of the underlying pools as well as the collateral characteristics, such as sustainable loan-to-value ratio (sLTV), credit score and geographic concentration. For all of the Fitch rated groups, Fitch ran various prepayment speeds and loss timing scenarios in its analysis of the deal structure. This analysis was done to determine that the cashflows to the senior bonds rated by Fitch would not be exposed to losses as a result of potential alternative cashflow timing stress scenarios.

The group-to-bond association for the Fitch-rated groups is as follows:

Group 7 represents a 9.3% interest in the GSR Mortgage Loan Trust 2005-AR7 Mortgage Pass-Through Certificates, Series 2005-AR7, class 6A1 Certificate. Fitch's rating for classes 7A1, 7A2 and 7A3 is based on the credit enhancement provided by the structural support on the underlying transaction and by the 31.00% class 7A4 bond. The underlying collateral pool for GSR 2005-AR7, class 6A1 consisted of 10-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original weighted average (WAVG) credit score of 752 and a sLTV of 118.03%. The top three state concentrations are CA (51.6%), VA (7.8%) and FL (4.0%) and the pool is 9.1% delinquent.

Group 9 represents a 35.1% interest in the Structured Asset Securities Corporation Trust 2005-6 Mortgage Pass-Through Certificates, Series 2005-6, class 5-A1 Certificate. Fitch's rating for classes 9A1, 9A2, and 9A3 is based on the credit enhancement provided by the structural support on the underlying transaction and by the 7.00% class 9A4 bond. The underlying collateral pool for SASC 2005-6, class 5-A1 consisted of 30-year fixed rate loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 742 and a sLTV of 64.22%. The top three state concentrations are CA (43.9%), NY (8.7%) and IL (4.8%) and the pool is 2.8% delinquent.

Group 12 represents a 13.6% interest in the Bear Stearns ARM

Trust, Mortgage-Backed Notes, Series 2005-2, class A-1 Certificate. Fitch's rating for classes 12A1, 12A2, and 12A3 is based on the credit enhancement provided by the structural support on the underlying transaction and by the 13.25% class 12A4 bond. The underlying collateral pool for BSARM 2005-2, class A-1 consisted of 5-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 733 and a sLTV of 68.84%. The top three state concentrations are CA (59.5%), VA (4.1%) and FL (3.9%) and the pool is 5.8% delinquent.

Group 16 represents a 24.1% interest in the Bear Stearns ARM

Trust, Mortgage-Backed Notes, Series 2005-5, class A-1 Certificates. Fitch's ratings for classes 16A1, 16A3 and 16A5 are based on the credit enhancement provided by the structural support on the underlying transaction and by the 15.00% class 16A2 bond, 12.00% class 16A4 bond and 10.50% class 16A6 bond, respectively. The underlying collateral pool for BSARM 2005-5, class A-1 consisted of 5-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 727 and a sLTV of 73.25%. The top three state concentrations are CA (46.7%), FL (7.4%) and NJ (4.7%) and the pool is 4.3% delinquent.

Group 18 represents an 11.2% interest in the Citigroup Mortgage Loan Trust, Mortgage-Backed Notes, Series 2005-6, class A-1 Certificate. Fitch's ratings for classes 18A1, 18A3 and 18A5 are based on the credit enhancement provided by the structural support on the underlying transaction and by the 20.00% class 18A2 bond, 17.00% class 18A4 bond and 14.00% class 18A6 bond, respectively. The underlying collateral pool for Citigroup 2005-6, class A-1 consisted of 5-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 725 and a sLTV of 77.71%. The top three state concentrations are CA (51.5%), FL (4.9%) and VA (4.0%) and the pool is 7.1% delinquent.

Group 19 represents a 10.0% interest in the Bear Stearns ARM

Trust, Mortgage-Backed Notes, Series 2005-2, class A-2 Certificate. Fitch's ratings for classes 19A1, 19A3 and 19A5 are based on the credit enhancement provided by the structural support on the underlying transaction and by the 15.00% class 19A2 bond, 12.00% class 19A4 bond and 9.00% class 19A6 bond, respectively. The underlying collateral pool for BSARM 2005-2, class A-2 consisted of 5-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 733 and a sLTV of 68.84%. The top three state concentrations are CA (59.5%), VA (4.1%) and FL (3.9%) and the pool is 5.8% delinquent.

Group 20 represents a 5.7% interest in the Wells Fargo Mortgage Backed Securities 2005?AR3 Trust Mortgage Pass-Through Certificates, Series 2005 - AR3, class II-A-1 Certificate. Fitch's ratings for classes 20A1, 20A3, 20A5 and 20A7 are based on the credit enhancement provided by the structural support on the underlying transaction and by the 15.00% class 20A2 bond, 12.00% class 20A4 bond, 9.00% class 20A6 bond and 9.00% class 20A8 bond, respectively. The underlying collateral pool for WFMBS 2005-AR3, class II-A-1 consisted of 5-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 734 and a sLTV of 75.19%. The top three state concentrations are CA (69.2%), IL (3.8%) and CO (3.1%) and the pool is 4.3% delinquent.

Group 21 represents a 7.9% interest in the Banc of America Mortgage

Securities, Inc., Mortgage Pass-Through Certificates, Series 2004-E, class 2-A-6 Certificate. Fitch's ratings for classes 21A1, 21A3, 21A5 and 21A7 are based on the credit enhancement provided by the structural support on the underlying transaction and by the 25.00% class 21A2 bond, 22.00% class 21A4 bond, 18.00% class 21A6 bond and 18.00% class 21A8 bond, respectively. The underlying collateral pool for BAMSI 2004-E, class 2-A-6 consisted of 5-year hybrid loans. As of Oct. 25, 2011, the loans remaining in the underlying pool have an original WAVG credit score of 737 and a sLTV of 79.89%. The top three state concentrations are CA (67.0%), FL (6.0%) and IL (6.0%) and the pool is 10.0% delinquent.

Fitch has rated BCAP LLC Resecuritization Trust Securities, Series 2011-RR11, as follows:

Group 7 Certificates

--$18,598,000 class 7A1 'Asf'; Outlook Stable;

--$3,152,000 class 7A2 'Asf'; Outlook Stable;

--$21,750,000 exchangeable class 7A3 'Asf'; Outlook Stable;

--$9,773,134 class 7A4 not rated.

Group 9 Certificates

--$6,965,000 class 9A1 'Asf'; Outlook Stable;

--$840,000 class 9A2 'Asf'; Outlook Stable;

--$7,805,000 exchangeable class 9A3 'Asf'; Outlook Stable;

--$587,572 class 9A4 not rated.

Group 12 Certificates

--$43,883,000 class 12A1 'Asf'; Outlook Stable;

--$3,702,000 class 12A2 'Asf'; Outlook Stable;

--$47,585,000 exchangeable class 12A3 'Asf'; Outlook Stable;

--$7,269,038 class 12A4 not rated.

Group 16 Certificates

--$26,222,000 class 16A1 'Asf'; Outlook Stable;

--$4,627,649 class 16A2 not rated;

--$27,147,000 exchangeable class 16A3 'Asf'; Outlook Stable;

--$3,702,649 exchangeable class 16A4 not rated;

--$27,610,000 exchangeable class 16A5 'Asf'; Outlook Stable;

--$3,239,649 exchangeable class 16A6 not rated.

Group 18 Certificates

--$15,097,000 class 18A1 'Asf'; Outlook Stable;

--$3,775,009 class 18A2 not rated;

--$15,664,000 exchangeable class 18A3 'Asf'; Outlook Stable;

--$3,208,009 exchangeable class 18A4 not rated;

--$16,230,000 exchangeable class 18A5 'Asf'; Outlook Stable;

--$2,642,009 exchangeable class 18A6 not rated.

Group 19 Certificates

--$10,611,000 class 19A1 'Asf'; Outlook Stable;

--$1,872,205 class 19A2 not rated;

--$10,985,000 exchangeable class 19A3 'Asf'; Outlook Stable;

--$1,498,205 exchangeable class 19A4 not rated;

--$11,360,000 exchangeable class 19A5 'Asf'; Outlook Stable;

--$1,123,205 exchangeable class 19A6 not rated.

Group 20 Certificates

--$9,567,000 class 20A1 'Asf'; Outlook Stable;

--$1,688,063 class 20A2 not rated;

--$9,904,000 exchangeable class 20A3 'Asf'; Outlook Stable;

--$1,351,063 exchangeable class 20A4 not rated;

--$10,242,000 exchangeable class 20A5 'Asf'; Outlook Stable;

--$1,013,063 exchangeable class 20A6 not rated;

--$10,242,000 exchangeable class 20A7 'Asf'; Outlook Stable;

--$1,013,063 exchangeable class 20A8 not rated.

Group 21 Certificates

--$8,340,000 class 21A1 'Asf'; Outlook Stable;

--$2,780,496 class 21A2 not rated;

--$8,674,000 exchangeable class 21A3 'Asf'; Outlook Stable;

--$2,446,496 exchangeable class 21A4 not rated;

--$9,119,000 exchangeable class 21A5 'Asf'; Outlook Stable;

--$2,001,496 exchangeable class 21A6 not rated;

--$9,119,000 exchangeable class 21A7 'Asf'; Outlook Stable;

--$2,001,496 exchangeable class 21A8 not rated.

Due to continued performance volatility, Fitch has is currently assigning only 'Asf' ratings. The ratings of the Exchangeable Certificates are dependent on the ratings of the related Base Certificates.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

In addition to the information sources identified in the criteria listed below, Fitch's analysis incorporated information from the LoanPerformance database including underlying loan level information and from Intex for the underlying bond structure. The re-REMIC structure was provided by Barclays Capital Inc.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'U.S. RMBS Rating Criteria' (Aug. 15, 2011);

--'U.S. Residential Mortgage Re-REMIC Criteria' (Aug. 15, 2011);

--'U.S. Prime RMBS Loan Loss Model Criteria' (Aug. 15, 2011);

--'Counterparty Criteria for Structured Finance Transactions' (March 14, 2011);

--'U.S. RMBS Cash Flow Analysis Criteria' (July 8, 2011);

--'U.S. RMBS Cash Flow Assumptions Workbook' (July 8, 2011).

Applicable Criteria and Related Research:

U.S. RMBS Cash Flow Analysis Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639993

U.S. RMBS Cash Flow Assumptions Workbook

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=642849

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

U.S. RMBS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646455

U.S. Residential Mortgage Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648588

U.S. Prime RMBS Loan Loss Model Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648737

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=605425

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 RatingsPrimary AnalystRachel BrachDirector+1-212-908-0224Fitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystRoger LinAssociate Director+1-212-908-0778orCommittee ChairpersonRoelof SlumpManaging Director+1-212-908-0705orMedia Relations:Sandro Scenga, +1-212-908-0278 (New York)[email protected]

Source: Fitch Ratings

---

Are you missing key trading opportunities? Upgrade to StreetInsider Premium and get a step ahead of the market - FREE TRIAL!