Fitch Ratings assigns the following ratings to JPMorgan Commercial Mortgage-Backed Securities Trust 2009-RR1:
–$315,989,000 class A4A ‘AAA’; Outlook Stable;
–$50,000,000 class A4A-V ‘AAA’; Outlook Stable;
–$50,000,000 class A4A-Z ‘AAA’; Outlook Stable;
–$115,394,700 class A4B ‘A’; Outlook Stable;
–$35,000,000 class A4B-1 ‘A’; Outlook Stable;
–$16,000,000 class A4B-2 ‘A’; Outlook Stable;
–$51,000,000* class A4B-X ‘A’; Outlook Stable;
–$16,000,000* class A4B-Y ‘A’; Outlook Stable.
*Notional Amount and Interest-Only.
This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. The class A4A, A4A-V and A4A-Z certificates are exchangeable certificates. The rest of the classes are regular certificates.
This transaction is a resecuritization of the ownership interest in 15 commercial mortgage-backed certificates which total $582,383,700. Principal and interest from the underlying commercial mortgage-backed certificates are pooled and applied to the A-4A and A-4B certificates in sequential order, while losses are applied in reverse sequential order.
Credit enhancement for classes A4A, A4A-V, and A4A-Z is approximately 50% and is provided by the structural support of the underlying transactions and the A4B certificates. Credit enhancement for the A4B, A4B-1 and A4B-2 certificates is approximately 30% and provided by the structural support of the underlying transactions.
All Fitch-rated underlying bonds are rated ‘AAA’ with a Stable Outlook. The underlying bonds collateralizing this transaction are as follows:
–8.7% interest in the MLCFC Commercial Mortgage Pass-Through Certificates 2007-5 class A4, in the amount of $94,739,000(16.3% of pool);
–8.8% interest in the LBUBS Commercial Mortgage Pass-Through Certificates 2007-C6 class A4, in the amount of $80,000,000 (13.7% of pool);
–2.1% interest in the GSMS Commercial Mortgage Pass-Through Certificates 2007-GG10 class A4, in the amount of $75,000,000 (12.9% of pool);
–5.8% interest in the Banc of America Commercial Mortgage Pass-Through Certificates 2007-3 class A4, in the amount of $59,280,000 (10.2% of pool);
–4.2% interest in the ML-CFC Commercial Mortgage Pass-Through Certificates 2007-9 class A4, in the amount of $39,020,000 (6.7% of pool);
–5.1% interest in the ML-CFC Commercial Mortgage Pass-Through Certificates 2007-6 class A4, in the amount of $36,900,000 (6.3% of pool);
–6.3% interest in the LB UBS Commercial Mortgage Pass-Through Certificates 2007-C3 class A4, in the amount of $36,045,000 (6.2% of pool);
–2.8% interest in the JPMCC Pass-Through Certificates 2006-CB15 class A4, in the amount of $27,633,700 (4.7% of pool);
–3.7% interest in the Cobalt Commercial Mortgage Pass-Through Certificates 2006-C1 class A4, in the amount of $26,725,000 (4.6% of pool);
–1.2% interest in the WBCMT Pass-Through Certificates 2007-C30 class A5, in the amount of $22,743,000 (3.9% of pool);
–4% interest in the CSMC Pass-Through Certificates 2007-C4 class A4, in the amount of $22,500,000 (3.9% of pool);
–1.8% interest in the JPMCC Pass-Through Certificates 2007-CB20 class A4, in the amount of $17,995,000 (3.1% of pool);
–2.8% interest in the JPMCC Pass-Through Certificates 2007-C1 class A4, in the amount of $16,138,000 (2.8% of pool);
–1.3% interest in the LB UBS Commercial Mortgage Pass-Through Certificates 2007-C1 class A4, in the amount of $14,520,000 (2.5% of pool);
–1.7% interest in the Cobalt Commercial Mortgage Pass-Through Certificates 2007-C3 class A4, in the amount of $13,145,000 (2.3% of pool).
Fitch rates all of the underlying transactions, except LBCMT Commercial Mortgage Pass-Through Certificates 2007-C3, CSMC Commercial Mortgage Pass-Through Certificates 2007-C4 and JPMCC Commercial Mortgage Pass-Through Certificates 2007-C1.
L.D.