Fitch Removes RBSCF 2009-RR1 from Rating Watch Negative

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NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has removed from Rating Watch Negative and affirmed the following class from RBSCF 2009-RR1:

--$24.4 million class CSMC-B 'AAA'; Outlook Stable.

Fitch has affirmed the remaining classes as follows:

Group CSMC

--$61,387,000* class CSMC-A at 'AAA'; Outlook Stable;

--$30,693,000** class CSMC-A1 at 'AAA'; Outlook Stable;

--$15,347,000** class CSMC-A2 at 'AAA'; Outlook Stable;

--$15,347,000** class CSMC-A3 at 'AAA'; Outlook Stable;

--$46,040,000** class CSMC-A4 at 'AAA'; Outlook Stable;

--$30,694,000** class CSMC-A5 at 'AAA'; Outlook Stable.

Group JPMCC

--$39,566,000* class JPMCC-A at 'AAA'; Outlook Stable;

--$19,783,000** JPMCC-A1 at 'AAA'; Outlook Stable;

--$9,892,000** class JPMCC-A2 at 'AAA'; Outlook Stable;

--$9,891,000** class JPMCC-A3 at 'AAA'; Outlook Stable;

--$29,675,000** class JPMCC-A4 at 'AAA'; Outlook Stable;

--$19,783,000** class JPMCC-A5 at 'AAA'; Outlook Stable;

--$15,744,000 class JPMCC-B at 'AAA'; Outlook Stable.

* Exchangeable REMIC Certificates

** Exchangeable Certificates

This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates: Credit Suisse Commercial Mortgage Trust series 2007-C4 commercial mortgage pass-through certificates, series 2007-C4, class A-3, which is not rated by Fitch and the J.P. Morgan Chase Commercial Mortgage Securities Trust 2008-C2 commercial mortgage pass-through certificates, series 2008-C2, class A-4, which was affirmed at 'AAA' with a Stable Rating Outlook on Sept. 6, 2011.

The removal of class CSMC-B from Rating Watch Negative is the result of a decline in Fitch expected losses for the non-rated Credit Suisse Commercial Mortgage Trust series 2007-C4 transaction. Fitch's expected loss on the transaction declined due to greater certainty of losses on specially serviced loans and improved performance of the largest loan in the transaction.

As of the October 2011 distribution date, 23 loans (17.1%) remained in special servicing compared to 27 loans (20.3%) as of last review. Fitch obtained updated valuations on specially serviced assets which provided greater certainty of expected losses. The largest loan in the transaction, Shutters on the Beach & Casa Del Mar Portfolio (15.6%), reported a 31% improvement in Net Operating Income (NOI) from 16.6 million in 2009 to 21.8 million as of the August 2011 trailing 12 month financials. While Fitch continues to expect the loan to incur a loss, the recovery prospects of the loan have improved based on recent performance.

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.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010);

--'U.S. Commercial Mortgage Re-REMIC Criteria' (Jan. 13, 2010).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208

U.S. Commercial Mortgage Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=609848

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 AnalystDarren Liss, +1-212-908-0753DirectorFitch, Inc.1 State StreetNew York, NY 10004orCommittee ChairpersonAdam Fox, +1-212-908-0869Senior DirectororMedia Relations:Sandro Scenga, +1-212-908-0278Email: [email protected]

Source: Fitch Ratings

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