DBRS Rates 2009-1 Note Issuer LLC

DBRS has today assigned the following ratings to the Series 2009-1 Notes (the Notes) issued by 2009-1 Note Issuer LLC:

– $186.1 million Class 1-A-1 rated at AAA
– $24.6 million Class 1-A-2 rated at “A”
– $11.6 million Class 1-A-3 rated at BBB
– $330.9 million Class 2-A-1 rated at AAA
– $51.7 million Class 2-A-2 rated at “A”
– $15.7 million Class 2-A-3 rated at BBB
– $349.0 million Class 3-A-1 rated at AAA
– $52.9 million Class 3-A-2 rated at “A”
– $22.1 million Class 3-A-3 rated at BBB
– $884.7 million Class 4-A-1 rated at AAA
– $137.6 million Class 4-A-2 rated at “A”
– $65.5 million Class 4-A-3 rated at BBB
– $626.0 million Class 5-A-1 rated at AAA
– $127.0 million Class 5-A-2 rated at “A”
– $67.9 million Class 5-A-3 rated at BBB

The ratings on the Notes reflect the credit enhancement provided by subordination within each group. The ratings also reflect the quality of the underlying assets, which consist of 77 senior residential mortgage-backed securities(RMBS). The issuer will enter into credit default swap (CDS) transactions for the benefit of the A-1 noteholders (expected to be 4% of note principal balance) within each group. The DBRS ratings on the A-1 notes do not reflect any additional enhancement provided by the CDS for the benefit of the A-1 noteholders.

DBRS does not rate the Class 1-A-4, Class 2-A-4, Class 3-A-4, Class 4-A-4 and Class 5-A-4 notes.

Interest and principal payments on the notes will be made on the third business day following the last underlying certificate distribution date, commencing in May 2009. Within their respective groups, interest payments will be distributed on a sequential basis to the notes and principal will be distributed on a sequential basis to the notes, in numerical order, until the note principal balances thereof are reduced to zero.

Any losses realized from the underlying securities will be allocated in a reverse numerical order to the notes within their respective groups.

This transaction is a resecuritization consisting of 77 senior residential mortgage pass-through certificates, represented by 69 real estate mortgage investment conduits (REMICs) and one resecuritization trust. The REMICs and the resecuritization trust are backed by pools of prime and Alt-A fixed-rate mortgages secured by first liens on one- to four-family properties.

Notes:
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.