OREANDA-NEWS. Fitch Ratings affirms RBSCF Trust 2009-RR2, resecuritization pass-through certificates, series 2009-RR2. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

These classes are backed by four underlying bonds in four transactions; two are rated by Fitch, and two are not. The affirmations are a result of affirmations to the ratings or shadow ratings of the underlying collateral.

Fitch affirmed the underlying A-4 bond in the Cobalt Commercial Mortgage Trust 2006-C1 on July 29, 2015.

Fitch affirmed the underlying A-3 bond in the JPMCC 2006-LDP9 on May 6, 2015.

The Re-REMIC transaction's two other underlying bonds, Wachovia Bank Commercial Mortgage Trust, series 2007-C33 class A-4 and Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 class A-4, are not rated by Fitch. Fitch reviewed the underlying collateral and performed loan level stressed analysis, reflecting cash flow and value declines under the criteria described in 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' dated Dec. 10, 2014.

J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-LDP9 class A-3: 6.9% interest in the class A-3, in the amount of $108,397,092. Class A-3 is rated 'A'/Outlook Stable by Fitch and was affirmed on May 6, 2015. The underlying class A-3 has approximately 36% credit enhancement. The underlying transaction is backed by a pool of 176 commercial and multifamily loans.

Wachovia Bank Commercial Mortgage Trust, series 2007-C33 class A-4: 10.1% interest in the class A-4, in the amount of $96,870,539. The underlying class A-4 has approximately 42% credit enhancement. The underlying transaction is backed by a pool of 130 commercial and multifamily loans.

Cobalt Commercial Mortgage Trust 2006-C1 class A-4: 16.9% interest in the class A-4, in the amount of $99,378,984. Class A-4 is rated 'AAA'/Outlook Stable by Fitch and was affirmed on July 29, 2015. The underlying class A-4 has approximately 32% credit enhancement. The underlying transaction is backed by a pool of 115 commercial and multifamily loans.

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR15 class A-4: 3.2% interest in the class A-4, in the amount of $26,615,008. The underlying class A-4 has approximately 30% credit enhancement. The underlying transaction is backed by a pool of 155 commercial and multifamily loans.

RBSCF 2009-RR2 Re-REMIC Trust is a resecuritization of the ownership interest in four commercial mortgage-backed certificates which total $331.3 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.

RATING SENSITIVITIES
All the ratings maintain Stable Outlooks as the underlying bonds have Stable Outlooks. Should any of the underlying bonds be downgraded the 'B' or junior certificates (direct pass-through) would be downgraded. The senior or 'A' certificates would likely be affirmed due to high implied credit enhancement.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following classes as indicated:

--$65,947,512* class CWCI-A at 'AAAsf'; Outlook Stable;
--$21,664,512** class CWCI-A1 at 'AAAsf'; Outlook Stable;
--$22,152,000** class CWCI-A2 at 'AAAsf'; Outlook Stable;
--$22,151,000** class CWCI-A3 at 'AAAsf'; Outlook Stable;
--$43,796,511** class CWCI-A4 at 'AAAsf'; Outlook Stable;
--$44,303,000** class CWCI-A5 at 'AAAsf'; Outlook Stable;
--$33,869,000* class CWCI-B at 'AAAsf'; Outlook Stable;
--$17,722,000** class CWCI-B1 at 'AAAsf'; Outlook Stable;
--$16,147,000** class CWCI-B2 at 'AAAsf'; Outlook Stable;
--$76,059,213* class JPMCC-A at 'AAAsf'; Outlook Stable;
--$35,564,213** 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;
--$55,812,213** class JPMCC-A4 at 'AAAsf'; Outlook Stable;
--$40,495,000** class JPMCC-A5 at 'AAAsf'; Outlook Stable;
--$32,447,000* class JPMCC-B at 'Asf'; Outlook Stable;
--$16,198,000** class JPMCC-B1 at 'Asf'; Outlook Stable;
--$16,249,000** class JPMCC-B2 at 'Asf'; Outlook Stable;
--$68,154,358* class WBCMT-C33-A at 'AAAsf'; Outlook Stable;
--$32,048,358** class WBCMT-C33-A1 at 'AAAsf'; Outlook Stable;
--$18,054,000** class WBCMT-C33-A2 at 'AAAsf'; Outlook Stable;
--$18,052,000** class WBCMT-C33-A3 at 'AAAsf'; Outlook Stable;
--$50,102,358** class WBCMT-C33-A4 at 'AAAsf'; Outlook Stable;
--$36,106,000** class WBCMT-C33-A5 at 'AAAsf'; Outlook Stable;
--$28,822,403* class WBCMT-C33-B at 'AAAsf'; Outlook Stable;
--$14,443,000** class WBCMT-C33-B1 at 'AAAsf'; Outlook Stable;
--$14,379,403** class WBCMT-C33-B2 at 'AAAsf'; Outlook Stable;
--$17,726,100* class BSCMS-A at 'AAAsf'; Outlook Stable;
--$6,389,100** class BSCMS-A1 at 'AAAsf'; Outlook Stable;
--$5,669,000** class BSCMS-A2 at 'AAAsf'; Outlook Stable;
--$5,668,000** class BSCMS-A3 at 'AAAsf'; Outlook Stable;
--$12,058,100** class BSCMS-A4 at 'AAAsf'; Outlook Stable;
--$11,337,000** class BSCMS-A5 at 'AAAsf'; Outlook Stable;
--$8,937,000* class BSCMS-B at 'AAAsf'; Outlook Stable;
--$4,535,000** class BSCMS-B1 at 'AAAsf'; Outlook Stable;
--$4,402,000** class BSCMS-B2 at 'AAAsf'; Outlook Stable.

* Exchangeable REMIC certificates
** Exchangeable certificates