NEW YORK - (Business Wire) Fitch Ratings rates Banc of America Re-REMIC Trust 2009-UBER1, commercial mortgage certificate-backed certificates, series 2009-UBER1 as follows: --$263,693,947 class A-4A 'AAA'; Stable Outlook;
--$104,851,053 class A-4B 'A-'; Stable Outlook.
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 commercial mortgage-backed certificates are pooled and applied to the A-4A and A-4B certificates in sequential order, while losses are applied in reverse sequential order.
Credit enhancement for class A-4A is approximately 50% and is provided by the structural support of the underlying transactions and the A-4B certificate. Credit enhancement for the A-4B certificate is approximately 30% and provided by the structural support of the underlying transactions.
While multiple subordinate classes in each underlying transaction may be on Rating Watch Negative, the classes contributed to this transaction currently have Stable Outlooks and are expected to be affirmed.
The following commercial mortgage-backed securities, by order of size, are collateral for the A-4A and A-4B securities:
--9.1% interest in the COBALT Commercial Mortgage Pass-Through Certificates 2007-C3 Class A4, in the amount of $71,000,000 (19.3% of pool).
--6.7% interest in the Banc of America Commercial Mortgage Pass-Through Certificates 2007-3 Class A4, in the amount of $68,000,000 (18.5% of pool).
--2.9% interest in the JP Morgan Chase Commercial Mortgage Pass-Through Certificates 2007-LDP10 Class A3, in the amount of $49,000,000 (13.3% of pool).
--2.5% interest in the GS Commercial Mortgage Pass-Through Certificates 2006-GG8 Class A4, in the amount of $40,334,000 (10.9% of pool).
--3.8% interest in the ML-CFC Commercial Mortgage Pass-Through Certificates 2006-3 Class A4, in the amount of $37,205,000 (10.1% of pool).
--7.5% interest in the Banc of America Commercial Mortgage Pass-Through Certificates 2006-6 Class A4, in the amount of $32,256,000 (8.8% of pool).
--3.2% interest in the LB UBS Commercial Mortgage Pass-Through Certificates 2007-C6 Class A4, in the amount of $28,715,000 (7.8% of pool).
--3.0% interest in the ML-CFC Commercial Mortgage Pass-Through Certificates 2007-9 Class A4, in the amount of $28,035,000 (7.6% of pool).
--3.2% interest in the MLMT Commercial Mortgage Pass-Through Certificates 2007-C1 Class A4, in the amount of $14,000,000 (3.8% of pool).
Fitch rates all of the underlying transactions, except Banc of America Commercial Mortgage Pass-Through Certificates 2006-6. Fitch reviewed the underlying collateral and performed loan level stressed analysis, reflecting cash flow and value declines, on all of the underlying CMBS deals in the Re-Remic, including the non-rated BACM 2006-6 transaction.
For more information on each underlying transaction rated by Fitch, please see the Surveillance section of Fitch's web site, at www.fitchratings.com.
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.
Fitch Ratings
Greg Christoforides, +1-212-908-0703 (New York)
Robert Vrchota, +1-312-368-3336 (Chicago)
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