Fitch Affirms CSMC Series 2009-RR3
--\$75,145,000* class A5-A at 'AAA'; Outlook Stable;
--\$60,100,000** class A5-A-A at 'AAA'; Outlook Stable;
--\$15,045,000** class A5-A-B at 'AAA'; Outlook Stable;
--\$30,000,000* class A5-B at 'AAA'; Outlook Stable;
--\$14,900,000** class A5-B-A at 'AAA'; Outlook Stable;
--\$15,100,000** class A5-B-B at 'AAA'; Outlook Stable.
*Exchangeable certificates
**Exchangeable REMIC certificates
KEY RATING DRIVERS
The affirmations are a result of Fitch's affirmation of the underlying A-5 bond. This transaction is a resecuritization of the ownership interest in a single commercial mortgage-backed certificate, WBCMT series 2007-C30 class A-5. Principal and interest from the underlying commercial mortgage-backed certificate is applied to the A5-A, A5-B certificates in sequential order, while losses are applied in reverse sequential order.
Fitch reviewed the underlying transaction on March 13, 2015 and affirmed class A-5. For more information, see 'Fitch Affirms WBCMT 2007-C30' (March 16, 2015).
RATING SENSITIVITY
The Rating Outlook on the Re-REMIC bonds remains Stable, and no rating actions are expected. Credit enhancement for class A5-A is approximately 50% and is provided by the structural support of the A5-B certificate. Credit enhancement for the A5-B certificate is approximately 30% and provided by the structural support of the underlying transaction.
As of the February 2015 remittance, the WBCMT 2007-C30 transaction consists of 222 multifamily and commercial mortgage loans with a principal balance of approximately \$6.76 billion. Classes A5-A and A5-B have a total principal balance of \$105,145,000 which represents approximately 5.6% of the total balance of the underlying class A5 certificate.
Any extraordinary trust fund expenses incurred by the Trustee up to the first \$200,000 will be reimbursed to the Trustee by an affiliate of the depositor. In the event extraordinary trust fund expenses exceed \$200,000, they will be paid from available interest.
Fitch reviewed the underlying collateral and performed loan level stressed analysis under the criteria described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', Dec. 10, 2014.
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