DBRS Rates Jefferies Resecuritization Trust Certificates, Series 2009-R8

DBRS has today assigned the following ratings to the Jefferies Resecuritization Trust Certificates, Series 2009-R8 issued by Jefferies Resecuritization Trust 2009-R8 (the Trust).

-- $39.8 million Class 1-A1* rated at “A”
-- $2.7 million Class 1-A2 rated at BBB
-- $3.8 million Class 1-A3 rated at B
-- $31.8 million Class 1-AX** rated at “A”
-- $4.0 million Class 1-AY** rated at “A”
-- $4.0 million Class 1-AZ** rated at “A”

-- $14.4 million Class 2-A1* rated at “A”
-- $1.2 million Class 2-A2 rated at BBB
-- $2.0 million Class 2-A3 rated at B
-- $11.5 million Class 2-AX** rated at “A”
-- $1.4 million Class 2-AY** rated at “A”
-- $1.4 million Class 2-AZ** rated at “A”

-- $8.5 million Class 3-A1* rated at “A”
-- $645.6 thousand Class 3-A2 rated at BBB
-- $645.6 thousand Class 3-A3 rated at B
-- $6.8 million Class 3-AX** rated at “A”
-- $850.0 thousand Class 3-AY** rated at “A”
-- $850.0 thousand Class 3-AZ** rated at “A”

-- $9.4 million Class 4-A1* rated at “A”
-- $558.9 thousand Class 4-A2 rated at BBB
-- $1.1 million Class 4-A3 rated at B
-- $7.5 million Class 4-AX** rated at “A”
-- $936.1 thousand Class 4-AY** rated at “A”
-- $936.1 thousand Class 4-AZ** rated at “A”

-- $70.0 million Class 5-A1* rated at “A”
-- $4.3 million Class 5-A2 rated at BBB
-- $5.2 million Class 5-A3 rated at B
-- $56.0 million Class 5-AX** rated at “A”
-- $7.0 million Class 5-AY** rated at “A”
-- $7.0 million Class 5-AZ** rated at “A”

-- $7.4 million Class 6-A1* rated at “A”
-- $238.6 thousand Class 6-A2 rated at BBB
-- $238.6 thousand Class 6-A3 rated at B
-- $5.9 million Class 6-AX** rated at “A”
-- $739.8 thousand Class 6-AY** rated at “A”
-- $739.8 thousand Class 6-AZ** rated at “A”

-- $10.1 million Class 7-A1* rated at “A”
-- $624.2 thousand Class 7-A2 rated at BBB
-- $749.0 thousand Class 7-A3 rated at B
-- $8.1 million Class 7-AX** rated at “A”
-- $1.0 million Class 7-AY** rated at “A”
-- $1.0 million Class 7-AZ** rated at “A”

-- $1.8 million Class 8-A1* rated at “A”
-- $135.1 thousand Class 8-A2 rated at BBB
-- $157.6 thousand Class 8-A3 rated at B
-- $1.5 million Class 8-AX** rated at “A”
-- $182.4 thousand Class 8-AY** rated at “A”
-- $182.4 thousand Class 8-AZ** rated at “A”

-- $31.6 million Class 9-A1* rated at “A”
-- $1.1 million Class 9-A2 rated at BBB
-- $1.4 million Class 9-A3 rated at B
-- $25.3 million Class 9-AX** rated at “A”
-- $3.2 million Class 9-AY** rated at “A”
-- $3.2 million Class 9-AZ** rated at “A”

-- $7.4 million Class 10-A1* rated at “A”
-- $323.4 thousand Class 10-A2 rated at BBB
-- $242.6 thousand Class 10-A3 rated at B
-- $5.9 million Class 10-AX** rated at “A”
-- $735.8 thousand Class 10-AY** rated at “A”
-- $735.8 thousand Class 10-AZ** rated at “A”

-- $5.4 million Class 11-A1* rated at “A”
-- $237.3 thousand Class 11-A2 rated at BBB
-- $178.0 thousand Class 11-A3 rated at B
-- $4.3 million Class 11-AX** rated at “A”
-- $539.8 thousand Class 11-AY** rated at “A”
-- $539.8 thousand Class 11-AZ** rated at “A”

-- $17.6 million Class 12-A1* rated at “A”
-- $722.0 thousand Class 12-A2 rated at BBB
-- $579.0 thousand Class 12-A3 rated at B
-- $14.1 million Class 12-AX** rated at “A”
-- $1.8 million Class 12-AY** rated at “A”
-- $1.8 million Class 12-AZ** rated at “A”

-- $2.5 million Class 13-A1* rated at “A”
-- $111.4 thousand Class 13-A2 rated at BBB
-- $83.6 thousand Class 13-A3 rated at B
-- $2.0 million Class 13-AX** rated at “A”
-- $253.5 thousand Class 13-AY** rated at “A”
-- $253.5 thousand Class 13-AZ** rated at “A”

-- $7.4 million Class 14-A1* rated at “A”
-- $343.4 thousand Class 14-A2 rated at BBB
-- $429.3 thousand Class 14-A3 rated at B
-- $5.9 million Class 14-AX** rated at “A”
-- $738.4 thousand Class 14-AY** rated at “A”
-- $738.4 thousand Class 14-AZ** rated at “A”

-- $39.4 million Class 15-A1* rated at “A”
-- $1.8 million Class 15-A2 rated at BBB
-- $1.8 million Class 15-A3 rated at B
-- $31.5 million Class 15-AX** rated at “A”
-- $3.9 million Class 15-AY** rated at “A”
-- $3.9 million Class 15-AZ** rated at “A”

-- $12.6 million Class 16-A1* rated at “A”
-- $932.6 thousand Class 16-A2 rated at BBB
-- $1.1 million Class 16-A3 rated at B
-- $10.1 million Class 16-AX** rated at “A”
-- $1.3 million Class 16-AY** rated at “A”
-- $1.3 million Class 16-AZ** rated at “A”

-- $8.1 million Class 17-A1* rated at “A”
-- $260.5 thousand Class 17-A2 rated at BBB
-- $173.7 thousand Class 17-A3 rated at B
-- $6.5 million Class 17-AX** rated at “A”
-- $807.6 thousand Class 17-AY** rated at “A”
-- $807.6 thousand Class 17-AZ** rated at “A”

-- $118.3 million Class 18-A1* rated at “A”
-- $6.4 million Class 18-A2 rated at BBB
-- $14.4 million Class 18-A3 rated at B
-- $94.6 million Class 18-AX** rated at “A”
-- $11.8 million Class 18-AY** rated at “A”
-- $11.8 million Class 18-AZ** rated at “A”

-- $40.4 million Class 19-A1* rated at “A”
-- $1.3 million Class 19-A2 rated at BBB
-- $868.1 thousand Class 19-A3 rated at B
-- $32.3 million Class 19-AX** rated at “A”
-- $4.0 million Class 19-AY** rated at “A”
-- $4.0 million Class 19-AZ** rated at “A”

-- $40.6 million Class 20-A1* rated at “A”
-- $1.3 million Class 20-A2 rated at BBB
-- $874.0 thousand Class 20-A3 rated at B
-- $32.5 million Class 20-AX** rated at “A”
-- $4.1 million Class 20-AY** rated at “A”
-- $4.1 million Class 20-AZ** rated at “A”

DBRS rates a total of 20 groups (Group 1 through 20) in this resecuritization trust, each consisting of one seasoned senior residential mortgage-backed security. Within each DBRS-rated group, the “A” ratings on the Class A1 certificates, the BBB ratings on the Class A2 certificates and the B ratings on the Class A3 certificates reflect the credit enhancement provided by subordination. The ratings also reflect the quality of the underlying securities. Within each group, the Initial Exchangeable Certificates are exchangeable for the related Exchangeable Certificates and vice versa.

DBRS does not rate the Class A4 certificates in Group 1 through Group 20 or any certificates in Group 21 through Group 56.

Interest and principal payments on the notes and certificates will generally be made on the 26th day of each month, commencing in June 2009. Within each group, interest payments will be distributed on a pro rata basis to the certificates and 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 reverse sequentially to the certificates within each group until their principal balances have been reduced to zero.

The Trust is a resecuritization consisting of 55 senior residential mortgage-backed securities represented by various real estate mortgage investment conduits (REMICs) and one resecuritization (Group 18). The REMIC trusts and the resecuritization are backed by pools of prime and Alt-A, first lien, one- to four-family residential mortgages.

Note:

• 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 the DBRS website under Methodologies.

This is a Structured Finance rating.