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Fitch Downgrades and Removes One Class of RBSCF 2009-RR1 from Rating Watch Negative

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has downgraded and removed from Rating Watch Negative the following class from RBSCF 2009-RR1:

--$15,744,000 class JPMCC-B to 'Asf' from 'AAAsf'; Outlook Stable.

In addition, Fitch has affirmed the remaining classes as follows:

Group CSMC
--$61,387,000* class CSMC-A at 'AAAsf'; Outlook Stable;
--$30,693,000** class CSMC-A1 at 'AAAsf'; Outlook Stable;
--$15,347,000** class CSMC-A2 at 'AAAsf'; Outlook Stable;
--$15,347,000** class CSMC-A3 at 'AAAsf'; Outlook Stable;
--$46,040,000** class CSMC-A4 at 'AAAsf'; Outlook Stable;
--$30,694,000** class CSMC-A5 at 'AAAsf'; Outlook Stable;
--$24.4 million class CSMC-B 'AAAsf'; Outlook Stable.

Group JPMCC
--$39,566,000* class JPMCC-A at 'AAAsf'; Outlook Stable;
--$19,783,000** JPMCC-A1 at 'AAAsf'; Outlook Stable;
--$9,892,000** class JPMCC-A2 at 'AAAsf'; Outlook Stable;
--$9,891,000** class JPMCC-A3 at 'AAAsf'; Outlook Stable;
--$29,675,000** class JPMCC-A4 at 'AAAsf'; Outlook Stable;
--$19,783,000** class JPMCC-A5 at 'AAAsf'; Outlook Stable.

* Exchangeable REMIC Certificates

** Exchangeable Certificates

This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates: Credit Suisse Commercial Mortgage Trust series 2007-C4 commercial mortgage pass-through certificates, series 2007-C4, class A-3, which is not rated by Fitch and the J.P. Morgan Chase Commercial Mortgage Securities Trust 2008-C2 commercial mortgage pass-through certificates, series 2008-C2, class A-4, which was downgraded to 'Asf' with a Stable Rating Outlook on Oct. 12, 2012.

The downgrade of class A-4 in JPM 2008-C2 was a result of increased expected losses, potential future interest shortfalls, as well as the continued underperformance of many larger loans in the transaction. For details, see Fitch's release, 'Fitch Downgrades 17 Classes of JPMCC 2008-C2, Removed 15 from Rating Watch Negative', dated Oct. 12, 2012.

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);
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Dec. 21, 2011);
--'U.S. Commercial Mortgage Re-REMIC Criteria' (Feb. 23, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662869
U.S. Commercial Mortgage Re-REMIC Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672269

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Fitch Ratings
Primary Analyst:
Britt Johnson, +1-312-606-2341
Senior Director
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Source: Fitch Ratings