DBRS Assigns ‘A’ Rating to a Credit Default Swap Entered Into by Static Residential CDO 2005-B Ltd.

DBRS has today assigned a rating of ‘A’ to the counterparty credit risk of Static Residential CDO 2005-B Ltd. (“START 2005-B”) with respect to its ability to make any and all payments due under the credit default swap confirmation (“CDS”) governed by the ISDA Master Agreement, dated October 27, 2005, between Deutsche Bank AG (“Deutsche Bank”) and START 2005-B.

General Terms of the CDS:

Fixed Rate Payer: Deutsche Bank
Floating Rate Payer: START 2005-B
Trade Date: October 11, 2005
Effective Date: October 27 2005
Total Notional At Trade Date: $1,000,000,000
Total Current Notional: $570,201,838

This Rating reflects the various forms of cash collateralization held by START 2005-B, as well as the Deutsche Bank’s position as CDS Counterparty within legal structure of START 2005-B.

The DBRS rating addresses the timely and full payment of the above referenced payments until the Scheduled Termination Date of the CDS.

The applicable public methodology is Rating Global High-Yield Loan Securitizations, Structured Loans and Tranched Credit Derivatives Methodology which can be found on our website under Methodologies.

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

This is a Structured Finance rating.