Fitch Affirms Morgan Stanley Re-Remic Trust 2009-IO

Fitch Ratings affirms two classes of Morgan Stanley Capital I Trust Re-Remic 2009-IO. A detailed list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmations are based on the performance of the underlying IO bonds being within expectations relative to Fitch's stressed cash flow projections.

RATING SENSITIVITIES

Ratings are expected to remain stable as no rating changes are expected. Cash flow from the underlying transactions is slightly exceeding Fitch's stressed projections, which has thus far resulted in quicker pay down of the Re REMIC bonds than originally projected.

Class B is designated as an 'Exchanged' class while class B-B is designated as an 'Exchangeable'. Each class designated as 'Exchanged' is exchangeable for a combination of the classes designated as 'Exchangeable' as specified in Schedule I of the Offering Memorandum. The class B and B-B certificates are principal-only certificates and are not entitled to receive any distributions of interest.

All classes are privately placed pursuant to rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are allocations of 159 U.S. commercial mortgage backed security (CMBS) interest-only certificates, from 151 underlying transactions.

Fitch affirms the classes as follows:

--$52,555,244 class B at 'BBBsf'; Outlook Stable;

--$52,555,244 class B-B at 'BBBsf'; Outlook Stable.

Classes A1, A1-A, A1-B, A-2, A2-A, A2-B, and B-A have paid in full.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 20, 2014);

--'Morgan Stanley Re-Remic Trust 2009-IO' (Oct. 16, 2009).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Morgan Stanley Re-REMIC Trust 2009-IO

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=474508

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=841473

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