Fitch Affirms 9 Classes of CSMC Series 2010-RR4

Fitch Ratings has affirmed the following classes of Credit Suisse Commercial Mortgage Trust, CSMC series 2010-RR4:

--$51,615,208* class 1-A at 'AAAsf'; Outlook Stable;

--$41,290,238** class 1-A-A at 'AAAsf'; Outlook Stable;

--$10,324,970** class 1-A-B at 'AAAsf'; Outlook Stable;

--$48,804,110* class 2-A at 'AAAsf'; Outlook Stable;

--$39,043,288** class 2-A-A at 'AAAsf'; Outlook Stable;

--$9,760,822** class 2-A-B at 'AAAsf'; Outlook Stable;

--$21,200,000* class 2-B at 'AAAsf'; Outlook Stable;

--$10,760,000** class 2-B-A at 'AAAsf'; Outlook Stable;

--$10,440,000** class 2-B-B at 'AAAsf'; Outlook Stable.

*Exchangeable certificates

**Exchangeable REMIC certificates

Fitch does not rate classes 1-B, 1-B-A and 1-B-B.

KEY RATING DRIVERS

This transaction is a resecuritization of the ownership interest in two commercial mortgage-backed certificates. The transaction consists of two non-pooled re-REMIC bond groups each backed by one underlying super-senior bond. Each bond group is split into one senior and one support class of certificates. Principal and interest from the underlying commercial mortgage-backed certificates is applied to its respective bond group sequentially while losses from the underlying commercial mortgage-backed certificates are applied to their respective bond group in reverse sequential order.

Credit enhancement is approximately 60% for classes 1-A-A and 2-A-A; 50% for classes 1-A, 1-A-B, 2-A, and 2-A-B; 40% for classes 1-B-A and 2-B-A; and 30% for classes 1-B, 1-B-B, 2-B, and 2-B-B. Credit enhancement for each class is provided by the structural support of the underlying transaction and the respective subordinate classes in the resecuritization.

RATING SENSITIVITY

The following commercial mortgage-backed securities are collateral for the re-REMIC securities rated by Fitch:

Credit Suisse Commercial Mortgage Trust, series 2007-C1

--10% interest in class A-3, originally in the amount of $75,000,000.

This transaction serves as collateral for the classes 1-A, 1-A-A, 1-A-B, 1-B, 1-B-A, and 1-B-B re-REMIC bonds. The class sizes above reflect the potential maximum certificate balance for each class given the exchangeable nature of the certificates. In aggregate, the total principal balance of this securitization cannot exceed $75,000,000. The underlying class A-3 of CSMC 2007-C1 was affirmed by Fitch at 'AAAsf' on Jan. 31, 2014. The underlying class has paid down by approximately $19.5 million.

Credit Suisse Commercial Mortgage Trust, series 2006-C4

--4.1% interest in class A-3, originally in the amount of $75,000,000.

This transaction serves as collateral for the classes 2-A, 2-A-A, 2-A-B, 2-B, 2-B-A and 2-B-B re-REMIC bonds. The class sizes above reflect the potential maximum certificate balance for each class given the exchangeable nature of the certificates. In aggregate, the total principal balance of this securitization cannot exceed $75,000,000. The underlying class A-3 of CSMC 2006-C4 was affirmed by Fitch at 'AAAsf' with a Stable Outlook on Jan. 23, 2014. The underlying class has paid down by approximately $120.7 million.

Any extraordinary trust fund expenses incurred by the trustee up to the first $200,000 will be reimbursed to the trustee by an affiliate of the depositor. In the event extraordinary trust fund expenses exceed $200,000, they will be paid from available interest.

For additional information on the underlying securities, please see the releases 'Fitch Affirms CSMC 2007-C1, Outlooks on Classes A-3 and A-1-A Revised to Stable' (Jan. 31, 2014) and 'Fitch Downgrades Two Distressed Classes of CSMC 2006-C4' (Jan. 23, 2014), available at 'www.fitchratings.com'.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance Methodology and Re REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Global Structured Finance Rating Criteria

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

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=818832

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Fitch Ratings
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Martin Nunnally, [phone]
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