DBRS Rates CSMC Series 2009-ASG, Class A Notes

DBRS has today assigned the following ratings to the Class A Notes, issued by CSMC Series 2009-ASG (the Trust).

-- $ 770.7 million Class A rated at AAA

The AAA rating on the Class A Notes reflects a 90% of credit enhancement provided by subordination. The ratings also reflect the quality of the underlying assets, which consist of 322 predominantly front-pay senior mortgage-backed securities (RMBS).

The Class B Certificates are not rated by DBRS.

Interest and principal payments on the securities will be made on the 28th day of each month commencing in December 2009. Interest payments will be distributed sequentially to the Class A Notes at a coupon of 1-month LIBOR plus 1.25% then to the Class B Certificate. Principal will be distributed on a sequential basis to the securities, until the principal balances thereof are reduced to zero.

Any losses realized from the underlying assets will be allocated solely to the Class B Certificates. Upon reducing the Class B Certificate balance to zero, the Class A notes will remain entitled to principal and interest payments subject to the available funds.

The Trust is a resecuritization consisting of 322 predominantly front-pay senior RMBS represented by various REMIC trusts. The REMIC trusts are backed by pools of fixed and adjustable-rate mortgages secured by liens on one- to four-family residential 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.