OREANDA-NEWS. Fitch Ratings expects to rate Credit Suisse Mortgage Securities Corp. Trust 2015-1 (CSMC Trust 2015-1) as follows:

--\$344,478,000 class A-1 certificate 'AAAsf'; Outlook Stable;
--\$26,951,000 class A-2 certificate 'AAAsf'; Outlook Stable;
--\$344,478,000 class A-3 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$26,951,000 class A-4 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$344,478,000 class A-5 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$26,951,000 class A-6 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$371,429,000 class A-7 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$371,429,000 class A-8 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$371,429,000 class A-9 exchangeable certificate 'AAAsf'; Outlook Stable; 
--\$344,478,000 class A-X-1 certificate 'AAAsf'; Outlook Stable;
--\$26,951,000 class A-X-2 certificate 'AAAsf'; Outlook Stable;
--\$344,478,000 class A-X-3 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$26,951,000 class A-X-4 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$371,429,000 class A-X-5 certificate 'AAAsf'; Outlook Stable;
--\$371,429,000 class A-X-6 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$371,429,000 class A-X-7 exchangeable certificate 'AAAsf'; Outlook Stable;
--\$11,753,000 class B-1 certificate 'AAsf'; Outlook Stable;
--\$8,308,000 class B-2 certificate 'Asf'; Outlook Stable;
--\$5,876,000 class B-3 certificate 'BBBsf'; Outlook Stable;
--\$3,242,000 class B-4 certificate 'BBsf'; Outlook Stable.

The \$4,661,184 class B-5 certificate is not expected to be rated by Fitch.

The notes are supported by 603 prime mortgages with a total balance of approximately \$405.3 million as of the cutoff date.

The 'AAAsf' rating on the class A notes reflects the 8.35% subordination provided by the 2.90% class B-1, 2.05% class B-2, 1.45% class B-3, 0.80% class B-4, and 1.15% class B-5 certificates. The rating also reflects the strong credit attributes of the underlying collateral, robust representation and warranty framework, extraordinary trust expense adjustment, high quality aggregator and minimal due diligence findings.

KEY RATING DRIVERS

High Quality Mortgage Collateral: The collateral consists of 30-year, fixed-rate, fully amortizing loans to borrowers with strong credit profiles and low leverage. Third-party, loan-level due diligence was conducted on 100% of the pool with no material findings indicating strong underwriting controls.

Robust Representation Framework: Fitch views the representation, warranty, and enforcement mechanism (RW&E) framework positively as it is consistent with the agency's criteria. Reps are passed through from the underlying originators. Generally, in cases where a rep breach occurs and the related originator, except First Republic Bank, is insolvent and unable to fulfill its repurchase obligation, the seller, DLJ Mortgage Capital, a wholly owned subsidiary of Credit Suisse (CS), will assume repurchase responsibility for those loans. FRB has a corporate rating of 'A-/F1/Outlook Stable', while CS has a corporate rating of 'A/F1/Outlook Stable'. Given the assessment of the RW&E framework as well as the strength of the rep counterparties, Fitch applied a credit to the pool's loss expectations of roughly 25bps at 'AAAsf'.

Extraordinary Trust Expense Adjustment: For this transaction, the extraordinary trust expenses will be deducted from available funds rather than the pool's net weighted average coupon (WAC). Because collections and credit loss protection otherwise distributable as interest and principal to certificateholders may be used to pay for loan file reviews and expenses associated with rep enforcement and arbitration, Fitch increased its loss expectations by 30 bps for class A, 25 bps for class B-1, 15 bps for class B-2, and 10 bps for classes B-3 and B-4.

Quality Aggregator and Due Diligence: The transaction benefits from Fitch's opinion of CS as an above-average aggregator, as well as the due diligence review conducted on 100% of the pool with very limited findings. Although a large number of mortgage originators with limited track records contribute a majority of the loans to the transaction, Fitch views CS' loan acquisition platform as a mitigant to any risks associated with unknown originators or those with limited track records. The sound quality of loans sourced through CS' program is reflected in the due diligence results.

Safe-Harbor Qualified Mortgages: Of the total pool, 601 loans (approximately 99% by loan count) are primary or secondary residences with application dates of Jan. 10, 2014 or later and are, therefore, subject to the subject to the ability-to-repay (ATR)/qualified mortgage (QM) Rule. All of the loans subject to this rule were classified as safe harbor QM (SHQM), for which no adjustment was made. The two remaining loans were not subject to the ATR/QM Rule as their application dates were prior to Jan. 10, 2014.

Immaterial Due Diligence Exception: Secondary valuation products were not obtained as part of the third-party due diligence review for 18 loans in the pool because two appraisals were obtained in the underwriting process for loan approval. Where two appraisals are required per underwriting guidelines, Fitch nonetheless expects the due diligence firm to independently pull an additional value product. Based on its criteria, the loans subject to this review exception are viewed by Fitch to be consistent with that of a 'D' grade with respect to valuation.

In addition, automated valuation models (AVMs) were obtained as secondary value products for 25 loans which Fitch does not consider to be as robust as desktop appraisals and other secondary value products typically used in the due diligence review process. To account for these variances, Fitch did not apply loan level due diligence credit for the affected loans which had a modest impact on the pool's WA PD.

RATING SENSITIVITIES

Fitch's analysis incorporates sensitivity analyses to demonstrate how the ratings would react to steeper market value declines (MVDs) than assumed at both the metropolitan statistical area (MSA) and national levels. The implied rating sensitivities are only an indication of some of the potential outcomes and do not consider other risk factors that the transaction may become exposed to or be considered in the surveillance of the transaction.

Fitch conducted sensitivity analysis determining how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10%, 20%, and 30%, in addition to the base case projected 7% for this pool. The analysis indicates there is some potential rating migration with higher MVDs, compared with the model projection.

Fitch's stress and rating sensitivity analysis are discussed in its presale report released today 'CSMC Trust 2015-1', available at 'www.fitchratings.com'.