Fitch Affirms Morgan Stanley Re-REMIC Series 2010-HQ4B

Fri Jun 7, 2013 4:21pm EDT

* Reuters is not responsible for the content in this press release.

Fitch Affirms Morgan Stanley Re-REMIC Series 2010-HQ4B

Fitch Ratings affirms the following classes of Morgan Stanley & Co, Inc. Re-REMIC Trust 2010-HQ4B, pass-through certificates:

--$142,624,000 class A7A at 'AAAsf'; Outlook Stable;

--$20,375,000 class AM at 'AAAsf'; Outlook Stable;

--$142,624,000 class A7AP* at 'AAAsf'; Outlook Stable;

--$142,624,000 class A7AI* at 'AAAsf'; Outlook Stable.

*Exchangeable Certificates.

Fitch does not rate class AJ or the class A7B and A7 certificates.

KEY RATING DRIVERS:

This transaction is a resecuritization of the ownership interest in one commercial mortgage-backed certificate: Morgan Stanley Capital I Trust's (MSCI) commercial mortgage pass-through certificates, series 2004-HQ4, class A7. The underlying class was affirmed by Fitch at 'AA' with a Stable Outlook on June 6, 2013.

RATING SENSITIVITIES:

No rating changes are anticipated as the Rating Outlooks are Stable. The Re-REMIC certificates will receive their cash-flows from the class A7 certificate, which is backed by a pool of 86 multifamily and commercial mortgage loans and currently has 14.04% credit support in the underlying transaction. Class A7A is senior to class AM and class AJ. It represents approximately 80% of the total $174.9 million Re-REMIC transaction balance. Class AM is senior to class AJ and represents approximately 11% of the transaction balance. Class AJ represents the additional 9%. The underlying transaction has a remaining principal balance of approximately $885 million.

Additional information is available at 'www.fitchratings.com'.

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696969

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=793180

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Fitch Ratings
Primary Analyst
Britt Johnson, +1 312-606-2341
Senior Director
Fitch Ratings, Inc.
70 W. Madison
Chicago, IL 60603
or
Committee Chairperson
Mary MacNeill, +1 212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

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