OREANDA-NEWS. Fitch Ratings has affirmed all classes of Morgan Stanley Re-REMIC Trust (MSRR) series 2009-GG10 and series 2010-GG10, commercial mortgage pass-through certificates. The transactions are both resecuritizations of the ownership interest in GS Mortgage Securities Trust 2007-GG10, class A-4, rated 'Asf'; Outlook Negative. A complete list of rating actions follows at the end of this release.

KEY RATING DRIVERS
As a resecuritization, the certificates receive their cash flows from the underlying class GS Mortgage Securities Trust 2007-GG10 A-4 certificate and the rating from the underlying security. This underlying class was affirmed on Jan. 6, 2016. The affirmation of class A4A was the result of credit enhancement for the A4A certificates being approximately 50%. Credit enhancement is provided by the structural support of the underlying transaction as well as the subordinate certificates in the re-securitization.

RATING SENSITIVITIES
The underlying security for the certificates has a Negative Rating Outlook due to the high leverage of the pool overall as well as the many large loans that struggle with performance issues. The A4B class remains vulnerable to downgrade should losses exceed currently expected levels or should additional loans transfer to the special servicer. The class A4A certificates in both transactions are likely to remain stable due to the approximately 50% credit support provided by the underlying transaction.

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

Fitch affirms the following classes:

MSRR 2009-GG10

--$670.6 million class A4A at 'AAAsf'; Outlook Stable;
--$314 million class A4B at 'Asf'; Outlook Negative.

MSRR 2010-GG10

--$598 million class A4A at 'AAAsf'; Outlook Stable.

Fitch does not rate classes A4B, A4B-1, A4B-2 or A4 of MSRR 2010-GG10.