DBRS Downgrades Claris IV Limited Series 29

DBRS has today taken the following actions on the Classes issued by Claris IV Limited Series 29. Claris IV Limited Series 29 is collateralized primarily by a portfolio of U.S. residential mortgage-backed securities (RMBS) and other asset-backed securities (ABS). The DBRS ratings of the Class I-A Swap, Class I-B Swap, and Class I-C Swap address the probability of breaching their respective attachment points as defined in the transaction documents at or prior to their maturity dates.

The actions reflect (a) the deterioration in credit quality of the underlying collateral pool since the transaction was initially assigned a DBRS rating on November 26, 2008, (b) amendments to the transaction, and (c) recapitalization of Claris IV Limited Series 29.

-$460,000,000 Class I-A Swap, Series 25 at AA (low)
-$100,000,000 Class I-B Swap, Series 25 at BBB (low)
-$50,000,000 Class I-C Swap, Series 25 at BB (low)
-$17,500,000 Class II-A Note, Series 25 at WR*
-$55,000,000 Class II-B Note, Series 25 at WR*

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

The applicable public methodologies are The CDO Toolbox Methodology and Rating U.S. ABS CDO Restructurings Methodology which can be found on our website under Methodologies.

This is a Structured Finance rating.