Fitch Rates Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-13R

NEW YORK-(Business Wire)-September 29, 2009 - Fitch Ratings has assigned 'AAA' ratings to the various classes of Credit Suisse First Boston Mortgage Securities Corp., CSMC series 2009-13R specified at the end of this release. The transaction, which closed on Sept. 29, 2009, consists of seven non-crossed groups. Fitch did not rate the certificates in Group 5. Each group is a resecuritization of a residential mortgage-backed securities certificate.

Group 1 is a resecuritization of 20.91% interest in the Banc of America Mortgage 2007-3 Trust, class 1-A-1.

Group 2 is a resecuritization of 61.43% interest in the Countrywide Alternative Loan Trust 2006-40T1, class 1-A-5 certificates.

Group 3 is a resecuritization of 19.22% interest in the First Horizon Alternative Mortgage Securities Trust 2006-AA6, class 2-A-1 certificates.

Group 4 is a resecuritization of 8.02% interest in the Wells Fargo Mortgage Backed Securities 2006-AR12, class II-A-1 certificates.

Group 6 is a resecuritization of 43.92% interest in the J.P. Morgan Trust 2007-S3, class 1-A-35 certificates.

Group 7 is a resecuritization of 38.01% interest in the Wells Fargo Mortgage Backed Securities 2006-AR8, class III-A-1 certificates.

As resecuritizations, the certificates will receive their cash-flows from the underlying classes of certificates. The underlying certificates represent beneficial ownership interest in fixed-rate, adjustable-rate, conventional, first lien residential mortgage loans, substantially all of which have original terms to stated maturity of 30 years.

The underlying collateral and cashflow structure were analyzed according to Fitch's 'U.S. Residential Mortgage Re-REMIC,' 'ResiLogic: U.S. Residential Mortgage Loss Model' and 'U.S. RMBS Cash Flow Analysis' criteria.

This transaction contains certain classes designated as Exchangeable notes and others as Exchangeable REMIC notes. The Exchangeable notes are exchangeable for certain classes of Exchangeable REMIC notes. Classes 1-A-2, 1-A-9, 1-A-10, 1-A-15 through 1-A-19, 2-A-2, 3-A-2, 4-A-2, 5-A-1, 5-A-2, 6-A-2, 6-A-13 through 6-A-17, 7-A-2, and 7-A-13 through 7-A-17 are not rated by Fitch.

Fitch rates Credit Suisse First Boston Mortgage Securities CSMC 2009-13R as follows:

—$54,503,000 exchangeable class 1-A-1 'AAA'; Outlook Stable;

—$36,335,000 class 1-A-3 'AAA'; Outlook Stable;

—$3,634,000 class 1-A-4 'AAA'; Outlook Stable;

—$3,633,000 class 1-A-5 'AAA'; Outlook Stable;

—$3,634,000 class 1-A-6 'AAA'; Outlook Stable;

—$3,633,000 class 1-A-7 'AAA'; Outlook Stable;

—$3,634,000 class 1-A-8 'AAA'; Outlook Stable;

—$39,969,000 exchangeable class 1-A-11 'AAA'; Outlook Stable;

—$43,602,000 exchangeable class 1-A-12 'AAA'; Outlook Stable;

—$47,236,000 exchangeable class 1-A-13 'AAA'; Outlook Stable;

—$50,869,000 exchangeable class 1-A-14 'AAA'; Outlook Stable;

—$17,668,000 class 2-A-1 'AAA'; Outlook Stable;

—$15,906,000 class 3-A-1 'AAA'; Outlook Stable;

—$22,694,000 exchangeable class 4-A-1 'AAA'; Outlook Stable;

—$56,740,000 exchangeable class 6-A-1 'AAA'; Outlook Stable;

—$39,754,000 class 6-A-3 'AAA'; Outlook Stable;

—$3,614,000 class 6-A-4 'AAA'; Outlook Stable;

—$3,614,000 class 6-A-5 'AAA'; Outlook Stable;

—$3,614,000 class 6-A-6 'AAA'; Outlook Stable;

—$3,614,000 class 6-A-7 'AAA'; Outlook Stable;

—$2,530,000 class 6-A-8 'AAA'; Outlook Stable;

—$43,368,000 exchangeable class 6-A-9 'AAA'; Outlook Stable;

—$46,982,000 exchangeable class 6-A-10 'AAA'; Outlook Stable;

—$50,596,000 exchangeable class 6-A-11 'AAA'; Outlook Stable;

—$54,210,000 exchangeable class 6-A-12 'AAA'; Outlook Stable;

—$27,264,000 exchangeable class 7-A-1 'AAA'; Outlook Stable;

—$18,674,000 class 7-A-3 'AAA'; Outlook Stable;

—$1,867,000 class 7-A-4 'AAA'; Outlook Stable;

—$1,868,000 class 7-A-5 'AAA'; Outlook Stable;

—$1,867,000 class 7-A-6 'AAA'; Outlook Stable;

—$1,868,000 class 7-A-7 'AAA'; Outlook Stable;

—$1,120,000 class 7-A-8 'AAA'; Outlook Stable;

—$20,541,000 exchangeable class 7-A-9 'AAA'; Outlook Stable;

—$22,409,000 exchangeable class 7-A-10 'AAA'; Outlook Stable;

—$24,276,000 exchangeable class 7-A-11 'AAA'; Outlook Stable;

—$26,144,000 exchangeable class 7-A-12 'AAA'; Outlook Stable.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

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