TEXT-Fitch affirms CSMC 2009-RR1

Fri Feb 8, 2013 11:16am EST

Feb 8 - Fitch Ratings has affirmed the following classes of Credit Suisse
First Boston Mortgagee Securities Corp., CSMC series 2009-RR1:

--$114,500,000 class A-3A at 'AAAsf'; Outlook Stable;
--$22,900,000 class A-3B at 'AAAsf'; Outlook Stable.

Fitch does not rate the $22.6 million class A-3C.

This transaction is a resecuritization of the ownership interest in a single
commercial mortgage-backed certificate, Credit Suisse Commercial Mortgage Trust,
series 2007-C1 (CSMC 2007-C1) class A-3. Principal and interest form the
underlying commercial mortgage-backed certificate are applied to the A-3A, A-3B,
and A-3C certificates in sequential order, while losses are applied in reverse
sequential order. As a resecuritization, the class will receive cash flows from
the underlying class A-3 bonds and the rating is based on the underlying
security.

The underlying class A-3 of CSMC 2007-C1 was affirmed by Fitch at 'AAAsf', with
a revision of the Rating Outlook to Negative from Stable on Feb. 7, 2013.

CSMC 2007-C1 is currently backed by a pool of 224 multifamily and commercial
loans with an aggregate remaining principal balance of $2.94 billion. The class
A-3 certificates in the underlying transaction had 28.79% credit enhancement as
of the January 2013 remittance date. Although the Outlook on class A-3 is now
negative, the ReREMIC's Outlooks continue to be Stable as they have credit
enhancement higher than the underlying bond.

Any extraordinary expenses incurred by the Trustee up to the first $200,000 will
reimbursed to the Trustee by the depositor. In the event extraordinary expenses
exceed $200,000, reimbursements will be paid first from available interest and
then reimbursed from principal if available interest is not sufficient.
Principal reimbursements affect the waterfall in reverse sequential order,
beginning with the unrated A-3C.

For additional information on the underlying security please see 'Fitch Affirms
CSMC 2007-C1; Outlooks for Classes A-3 and A-1-A Revised to Negative' (Feb. 7,
2012), which is available at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria