DBRS Rates BCAP LLC 2009-RR2 Trust Resecuritization Pass-Through Certificates

DBRS has today assigned the following ratings to the Resecuritization Pass-Through Certificates issued by BCAP LLC 2009-RR2 Trust (the Trust):

-- $72.2 million Class A-1* rated at AAA
-- $66.7 million Class A-3** rated at AAA
-- $5.5 million Class A-4** rated at AAA
-- $61.4 million Class A-5** rated at AAA
-- $10.8 million Class A-6** rated at AAA
-- $100 Class A-R rated at AAA

The AAA ratings on the Class A-1, A-3, A-4, A-5, A-6 and A-R certificates reflect the 33% of credit enhancement provided by subordination. The ratings also reflect the quality of the underlying asset, which consists of one residential mortgage pass-through certificate. The Class A-1 certificates (Exchangeable REMIC) are exchangeable for certain other classes of exchangeable certificates and vice versa, in the combinations described in Schedule I of the offering memorandum.

DBRS does not rate the Class A-2 Certificates.

Interest and principal payments on the notes will generally be made on the 21st day of each month, commencing in May 2009. Interest payments will be distributed on a pro rata basis to the certificates. Interest payable to the Class A-2 certificates will be distributed as principal to the Class A-1 certificates until the principal balance of Class A-1 is reduced to zero. 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 security will be allocated in a reverse sequential order, until the certificate principal balances have been reduced to zero.

The Trust is a resecuritization of a residential mortgage pass-through certificate, Sequoia Mortgage Trust 2007-2 Class 2A-A1, which is backed by a pool of one- to four-family adjustable-rate first-lien residential mortgages.

Notes:

• Denotes Exchangeable REMIC class.
  ** Denotes Exchangeable class.

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.