OREANDA-NEWS. January 26, 2016. Fitch Ratings has affirmed 11 classes of Credit Suisse First Boston Mortgage Securities Corp., series 2010-RR7 (CSMC 2010-RR7).

KEY RATING DRIVERS
The affirmations are the result of the affirmations of the underlying bonds in two transactions rated by Fitch. This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates. The transaction consists of two non-pooled re-REMIC bond groups each backed by one underlying super senior bond. Each bond group is split into one senior and one support class of certificates. Principal and interest from the underlying commercial mortgage-backed certificates is applied to its respective bond group sequentially while losses from the underlying commercial mortgage-backed certificates are applied to its respective bond group in reverse sequential order. Both underlying bonds have begun receiving principal paydown and the Re-REMIC bonds are receiving principal.

RATING SENSITIVITIES
The underlying bonds have Stable Outlooks and no rating actions are anticipated.

Credit enhancement is approximately 70% for classes 1-A-A and 2-A-A; 60% for classes 1-A, 1-A-B, 2-A and 2-A-B; 50% for classes 1-B-A and 2-B-A; and 40% for classes 1-A-4, 1-B, 1-B-B, 2-B, 2-B-B, and 2-A-3. Credit enhancement for each class is provided by the structural support of the underlying transaction and the respective subordinate classes in the resecuritization.

The following commercial mortgage-backed securities are collateral for the re-REMIC securities rated by Fitch:

ML-CFC Commercial Mortgage Trust series 2007-5:
Class A-4 affirmed at 'AAAsf; Outlook Stable by Fitch on Sept. 25, 2015 serves as collateral for the classes 1-A, 1-A-A, 1-A-B, 1-B, 1-B-A, 1-B-B, and 1-A-4 re-REMIC bonds.

Credit Suisse Commercial Mortgage Trust series 2006-C4:
Class A-3 affirmed at 'AAAsf'; Outlook Stable by Fitch on Dec. 16, 2015 serves as collateral for the classes 2-A, 2-A-A, 2-A-B, 2-B, 2-B-A, 2-B-B, and 2-A-3 re-REMIC bonds.

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

Fitch has affirmed the following ratings:

--\\$33,237,996* class 1-A at 'AAAsf'; Outlook Stable;
--\\$25,257,996** class 1-A-A at 'AAAsf'; Outlook Stable;
--\\$7,980,000** class 1-A-B at 'AAAsf'; Outlook Stable;
--\\$7,980,000** class 1-B-A at 'AAAsf'; Outlook Stable;
--\\$35,063,917* class 2-A at 'AAAsf'; Outlook Stable;
--\\$25,113,917** class 2-A-A at 'AAAsf'; Outlook Stable;
--\\$9,950,000** class 2-A-B at 'AAAsf'; Outlook Stable;
--\\$19,630,000* class 2-B at 'AAAsf'; Outlook Stable;
--\\$9,945,000** class 2-B-A at 'AAAsf'; Outlook Stable;
--\\$9,685,000** class 2-B-B at 'AAAsf'; Outlook Stable;
--\\$54,693,917* class 2-A-3 at 'AAAsf; Outlook Stable.

*Exchangeable certificates
**Exchangeable REMIC certificates

Fitch does not rate classes 1-A-4, 1-B, and 1-B-B.