Fitch Rates RBSSP Resecuritization Trust 2009-10
NEW YORK-(Business Wire)-September 29, 2009 - Fitch rates RBSSP Resecuritization Trust 2009-10, as follows:
—$18,615,000 class 1-A1 'AAA'; Outlook Stable;
—$16,166,000 class 1-A3 'AAA'; Outlook Stable;
—$2,449,000 class 1-A4 'AAA'; Outlook Stable;
—$9,131,360 class 2-A1 'AAA'; Outlook Stable;
—$10,120,000 class 3-A1 'AAA'; Outlook Stable;
—$8,970,000 class 3-A3 'AAA'; Outlook Stable;
—$1,150,000 class 3-A4 'AAA'; Outlook Stable;
—$16,312,000 class 6-A1 'AAA'; Outlook Stable;
—$1,250,000 class 6-A3 'AAA'; Outlook Stable;
—$15,062,000 class 6-A5 'AAA'; Outlook Stable.
This transaction contains certain classes designated as Initial Exchangeable certificate and others as Exchangeable certificates. Class 1-A1 is an Initial Exchangeable certificate and is exchangeable for the combination of Exchangeable notes 1-A3 and 1-A4. Class 3-A1 is an Initial Exchangeable certificate and is exchangeable for the combination of Exchangeable notes 3-A3 and 3-A4. Class 6-A1 is an Initial Exchangeable certificate and is exchangeable for the combination of Exchangeable notes 6-A3, 6-A5 and the unrated 6-A4.
This transaction consists of nine groups. Each group is a resecuritization of an ownership interest in one or more mortgage-backed certificates. Fitch did not rate Groups 4, 5 and 7-9 of this transaction.
As resecuritizations, the certificates will receive their cash flows from the underlying classes of certificates. The group-to-bond associations are as follows:
Group 1: 100% interest in the CHL Mortgage Pass-Through Certificates series 2005-19, class 1-A-8. Credit Enhancement for the 1-A1, 1-A3 and 1-A4 certificates is provided by the structural support on the underlying transaction and by the 24% class 1-A2 bond.
Group 2: 100% interest in the RALI series 2007-QS1, class II-A-13. Credit Enhancement for the 2-A1 certificate is provided by the structural support on the underlying transaction and by the 44% class 2-A2 bond.
Group 3: 41.82% interest in the First Horizon Mortgage Pass-Through Certificates series 2005-7, class A-11. Credit Enhancement for the 3-A1, 3-A3 and 3-A4 certificates is provided by the structural support on the underlying transaction and by the 12% class 3-A2 bond.
Group 6: 63.27% interest in the CWALT, Inc. Alternative Loan Trust 2005-64CB, class 2-A-1. Credit Enhancement for the 6-A1, 6-A3, 6-A5 and the unrated 6-A4 certificates is provided by the structural support on the underlying transaction and by the 37% class 6-A2 bond.
The underlying certificates of the Fitch-rated groups are backed by conventional Alt-A and Prime first-lien mortgage loans. The underlying collateral and cash flow 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.
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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