DBRS Rates RBSSP Resecuritization Trust 2009-5 Certificates

DBRS has today assigned the following ratings to the Resecuritization Trust Certificates, Series 2009-5 issued by RBSSP Resecuritization Trust 2009-5 (the Trust).

-- $23.9 million Class 4-A1* rated at AAA
-- $3.5 million Class 4-A2* rated at AAA
-- $27.4 million Class 4-A4** rated at AAA
-- $15.5 million Class 12-A1* rated at AAA
-- $1.1 million Class 12-A2* rated at AAA
-- $16.6 million Class 12-A4** rated at AAA
-- $8.5 million Class 14-A1* rated at AAA
-- $425,000 Class 14-A2* rated at AAA
-- $8.9 million Class 14-A4** rated at AAA
-- $10.4 million Class 14-A5* rated at AAA
-- $835,000 Class 14-A6* rated at AAA
-- $11.3 million Class 14-A8** rated at AAA
-- $7.0 million Class 15-A1* rated at AAA
-- $577,000 Class 15-A2* rated at AAA
-- $7.6 million Class 15-A4** rated at AAA

DBRS rates a total of four groups (Group 4, Group 12, Group 14 and Group 15) in this resecuritization trust, each consisting of one seasoned senior residential mortgage-backed security (RMBS). Within each DBRS-rated group, the AAA rating on the Class A1 and A2 certificates reflects the credit enhancement provided by the Class A3 certificates. The credit enhancements range from 27.5% to 45%. The ratings also reflect the quality of the underlying securities. Within each group, the Class A1 and Class A2 certificates may be exchanged for Class A4 certificates. In addition, with respect to Group 14, the Class 14-A5 and Class 14-A6 certificates may be exchanged for the Class 14-A8 certificates.

DBRS does not rate Class 4-A3, 12-A3, 14-A3, 14-A7 and 15-A3 certificates nor any certificates in Group 1 through Group 3, Group 5 through Group 11 and Group 13.

Interest and principal payments on the certificates will generally be made on the 26th day of each month for Group 2, Group 14 and Group 15 and on the 21st day of each month for Group 12, commencing in May 2009. Within each group, interest payments will be distributed on a sequential basis to the certificates, provided that interest payments to Class A2 will be distributed as principal to Class A1, and interest payments to Class A3 will be distributed as principal on a sequential basis to Class A1 until the certificate principal balance has been reduced to zero, then to Class A2. In addition, with respect to Group 14, interest payments to Class A6 will be distributed as principal to Class A5, and interest payments to Class A7 will be distributed as principal on a sequential basis to Class A5 until the certificate principal balance has been reduced to zero, then to Class A6. Within each group, principal payments will be distributed on a sequential basis to the certificates until the certificate principal balance has been reduced to zero.

Any losses realized from the underlying securities will be allocated in a reverse sequential order to the certificates within each group, until their principal balances have been reduced to zero. In addition, with respect to Group 14, any losses realized from the underlying securities will be allocated to the Class 14-A7, Class 14-A6 and then Class 14-A5 certificates, in that order, until their principal balances have been reduced to zero.

The Trust is a resecuritization consisting of 15 senior RMBS, represented by various real estate mortgage investment conduits (REMICs). The REMICs are backed by pools of first-lien one- to four-family residential mortgages.

Notes:

• Denotes Initial Exchangeable Certificate.
  ** Denotes Exchangeable Certificate.

All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Residential Mortgage-Backed Securities Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.