DBRS Rates Citigroup Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2009-A

DBRS has today assigned the following ratings to the Mortgage Pass-Through Certificates, Series 2009-A issued by Citigroup Mortgage Loan Trust 2009-A (the Trust).

-- $153.7 million Class A rated at AAA
-- $550.0 thousand Class B1 rated at AA
-- $472.0 thousand Class B2 rated at “A”
-- $472.0 thousand Class B3 rated at BBB
-- $393.0 thousand Class B4 rated at BB
-- $393.0 thousand Class B5 rated at B
¬-- $100 Class R rated at AAA

The AAA ratings on the Class A certificates (the Senior Certificates) and the Class R certificate reflect the 2.25% of credit enhancement provided by subordination. The AA, “A,” BBB, BB, and B ratings on Classes B1, B2, B3, B4, and B5 reflect the 1.90%, 1.60%, 1.30%, 1.05%, and 0.80% of credit enhancement, respectively, provided by classes subordinate thereto. The Class B6 Certificates are not rated by DBRS.

The ratings on the certificates also reflect the quality of the underlying assets and the capabilities of CitiMortgage, Inc. as servicer. U.S. Bank National Association will serve as trustee and Citibank, N.A. will serve as custodian.

Interest and principal payments collected from the mortgage loans will be distributed on the 25th of each month, commencing in July 2009. Interest and then principal will be paid to the senior certificates and then to the subordinate certificates in sequential order beginning with the Class B1 Certificates. Unless paid down to zero, unscheduled principal will be paid exclusively to the Senior Certificates for the first five years and disproportionately in years six through nine, subject to performance tests.

The Trust contains mortgage loans originated by CitiMortgage, Inc. The loans are on average 73 months seasoned first-lien, prime quality, 15-year fixed-rate mortgages secured by one- to four-family residential properties. As of the cut-off date (June 1, 2009), the loans had an aggregate principal balance of approximately $157,282,636, a weighted-average mortgage rate of 4.893% and a weighted-average FICO score of 743.

The weighted-average original and amortizing loan-to-value (LTV) ratios are 54.28% and 36.03% based on the original appraised values. In calculating its own LTV, DBRS first updated properties to their present value based on the original appraised value and loan seasoning using the Metropolitan Statistical Area (MSA) Case-Shiller home price indices. Then, DBRS further stressed the appraised values to the MSA-level housing trough based on the Case-Shiller home price projections for the next 12 months, with no credit given to any possible price appreciation in this period.

Note:
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.