OREANDA-NEWS. S&P Global Ratings today raised its rating on the class ML-JR resecuritization pass-through certificates from Citigroup Commercial Mortgage Securities Inc.’s series 2010-RR3 (CGCMS 2010-RR3), a U. S. resecuritized real estate mortgage investment conduit (re-REMIC) transaction. In addition, we affirmed our ‘AAA (sf)’ rating on class ML-SR from the same transaction.

The rating actions reflect our recent review of the sole collateral securing the transaction and our analysis of the re-REMIC structure. As of the Aug. 16,2016, trustee remittance report, the transaction's collateral consisted of a $136.8 million portion of the class A-4 commercial mortgage pass-through certificates from ML-CFC Commercial Mortgage Trust 2007-7 (ML-CFC 2007-7), a U. S. commercial mortgage-backed securities (CMBS) transaction.

TRANSACTION SUMMARY

According to the transaction documents, CGCMS 2010-RR3 consists of two classes(ML-SR and ML-JR) with a sequential payment structure. Principal losses will be allocated sequentially first to class ML-JR and then to the ML-SR certificates until the principal balances are reduced to zero. The transaction's collateral, at issuance, consisted of a $155.2 million portion of the $787.9 million class A-4 commercial mortgage pass-through certificates from ML-CFC 2007-7.