Fitch Ratings has affirmed Banc of America Large Loan, Inc.'s Banc of America Re-REMIC Trust 2009, commercial mortgage certificate-backed certificates, series 2009-UBER1 ratings and Outlooks as follows:
--$263,693,947 class A-4A at 'AAAsf'; Outlook Stable;
--$104,851,053 class A-4B at 'A-'sf'; Outlook Stable.
This transaction is a resecuritization of the ownership interest in nine commercial mortgage-backed certificates which total $368,545,000. Principal and interest from the underlying certificates are pooled and applied to the A-4A and A-4B certificates in sequential order, while losses are applied in reverse sequential order.
Fitch has public ratings on eight of the nine underlying bonds, each at 'AAAsf':
--BACM 2007-3; A-4; 18.5% of the Re REMIC;
--CWCI 2007-C3; A-4; 19.3%;
--GSMS 2006-GG8; A-4; 10.9%;
--JPMCC 2007-LDP10; A-3; 13.3%;
--LBUBS 2007-C6; A-4; 7.8%;
--ML CFC 2006-3; A-4; 10.1%;
--ML CFC 2007-9; A-4; 7.6%;
--MLMT 2007-C1; A-4; 3.8%.
All but one of the Fitch rated bonds has a Stable Outlook. MLMT 2007-C1 Class A-4 is currently rated 'AAAsf' with a Negative Outlook. As class A-4B in the re REMIC is currently rated 'A-sf', the class maintains its Stable Rating Outlook.
Fitch does not rate the underlying A-4 bond in BACM 2006-6 (8.8% of the Re REMIC).
As part of its analysis, Fitch reviewed the performance of the non-rated BACM 2006-6 using the Surveillance Methodology for U.S. Fixed Rate CMBS Transactions and determined the performance to be indicative of an affirmation of the bond's shadow rating.
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
Britt Johnson, +1-312-606-2341
Senior Director
Fitch
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Chicago, IL 60602
or
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Chairperson
Chris Bushart, +1-212-908-0606
Senior Director
or
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Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com