DBRS Rates RBSSP Resecuritization Trust 2009-12

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2009-12 issued by RBSSP Resecuritization Trust 2009-12 (the Trust).

-- $15.2 million Class 6-A1 rated at AA
-- $9.6 million Class 8-A1* rated at AAA
-- $8.2 million Class 8-A3** rated at AAA
-- $1.4 million Class 8-A4** rated at AAA
-- $31.6million Class 9-A1* rated at BBB
-- $26.3 million Class 9-A3** rated at AA
-- $5.4 million Class 9-A4** rated at BBB
-- $23.4 million Class 9-A5** rated at AAA
-- $8.3 million Class 9-A6** rated at BBB
-- $20.6 million Class 12-A1 rated at “A”
-- $15.8 million Class 14-A1* rated at “A”
-- $13.8 million Class 14-A3** rated at AAA
-- $2.0 million Class 14-A4** rated at “A”

There are a total of 21 groups in this resecuritization trust. DBRS rates Groups 6, 8, 9, 12 and 14, each consisting of one to three seasoned senior residential mortgage-backed securities (RMBS). Within each group, the ratings on the securities reflect the credit enhancement provided by subordination. The ratings also reflect the quality of the underlying securities. The Initial Exchangeable Notes are exchangeable for the Exchangeable Notes and vice versa in the related combinations described in further detail in the private placement memorandum.

Interest and principal payments on the securities will generally be made on the 26th day of each month, commencing in December 2009. Within Groups 8, 9, 12 and 14, interest payments will be distributed on a sequential basis to the notes, and then principal payments will be distributed on a sequential basis to the notes until the note balance has been reduced to zero. Within Group 6, interest will be distributed on a sequential basis to the securities, provided that interest payments to Class 6-A2 will be distributed as principal to Class 6-A1 until the note balance has been reduced to zero. Principal within Group 6 will be distributed on a sequential basis until the note or certificate balance has been reduced to zero.

Any losses realized from the underlying securities will be allocated reverse sequentially within each group until the note or certificate principal balances have been reduced to zero.

The Trust is a resecuritization consisting of 22 senior residential mortgage-backed securities represented by 18 real estate mortgage investment conduits (REMICs). Within the DBRS-rated groups, the REMIC trusts are primarily backed by pools of seasoned first lien, one- to four-family residential mortgages.

Note:

• denotes Initial Exchangeable Note.
  ** denotes Exchangeable 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.