Fitch Downgrades Three Classes of RBSCF 2009-RR2

NEW YORK--()--Fitch Ratings has downgraded three classes of RBSCF Trust 2009-RR2 resecuritization pass-through certificates series 2009-RR2 as follows:

--$32,447,000* class JPMCC-B to 'AAsf' from 'AAAsf'; Outlook Stable;

--$16,198,000** class JPMCC-B1 to 'AAsf' from 'AAAsf'; Outlook Stable;

--$16,249,000** class JPMCC-B2 to 'AAsf' from 'AAAsf'; Outlook Stable.

In addition, Fitch has affirmed the following classes:

--$80,988,000* class JPMCC-A at 'AAAsf' Outlook Stable;

--$40,493,000** class JPMCC-A1 at 'AAAsf' Outlook Stable;

--$20,248,000** class JPMCC-A2 at 'AAAsf' Outlook Stable;

--$20,247,000** class JPMCC-A3 at 'AAAsf' Outlook Stable;

--$60,741,000** class JPMCC-A4 at 'AAAsf' Outlook Stable;

--$40,495,000** class JPMCC-A5 at 'AAAsf' Outlook Stable;

* Exchangeable REMIC certificates

** Exchangeable certificates

This transaction is a re-securitization of the ownership interest in four commercial mortgage-backed certificates which total approximately $360 million. The transaction consists of four re-REMIC bond groups backed by four underlying bonds. Principal and interest from the underlying commercial mortgage-backed certificates pass through to the respective senior and junior re-REMIC bonds in sequential order. Losses will be applied in reverse sequential order.

These classes are backed by four underlying bonds in four transactions; two that are rated by Fitch (Cobalt Commercial Mortgage Trust 2006-C1 class A-4 and J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9 class A-3) and two that are not rated by Fitch (Wachovia Bank Commercial Mortgage Trust 2007-C33 class A-4 and Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 class A-4).

The downgrades above concern only the re-REMIC bonds backed by the class A-3 bond of J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9. The underlying class was downgraded by Fitch to 'AAsf', Outlook Stable on Dec. 19, 2012.

Although the underlying bond was downgraded, the affirmation of classes JPMCC-A, JPMCC-A1, JPMCC-A2, JPMCC-A3, JPMCC-A4, and JPMCC-A5 were the result of credit enhancement for the respective class certificates being approximately 50%. Credit enhancement is provided by the structural support of the underlying transaction as well as the JPMCC-B, JPMCC-B1, and JPMCC-B2 certificates in the re-securitization. As a re-securitization, the class will receive cash flows from the underlying class A-3 bond.

For additional information on the underlying security please see the release 'Fitch Downgrades 18 classes of JP Morgan 2006-LDP9 (Dec. 19, 2012) available at 'www.fitchratings.com'.

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' (June 6, 2012);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec 18, 2012);

--'Commercial Mortgage Re-REMIC Criteria' (Feb. 23, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

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Contacts

Fitch Ratings
Primary Analyst:
Amy Gan, +1-212-908-9143
Director
Fitch, Inc.
One State Street Plaza
New York, NY, 10004
or
Committee Chairperson:
Christopher Bushart, +1-212-908-0606
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com