DBRS Rates BCAP LLC 2009-RR14 Trust Resecuritization Trust Securities

DBRS has today assigned the following ratings to the Resecuritization Trust Securities issued by BCAP LLC 2009-RR14 Trust (the Trust).

-- $40.0 million Class III-A1 rated at AAA
-- $9.4 million Class III-A2* rated at “A”
-- $20.1 million Class V-A1 rated at AAA
-- $5.5 million Class VII-A1 rated at BBB

There are 13 groups in this resecuritization trust. DBRS rates securities from Groups III, V and VII, each consisting of one to four senior residential mortgage-backed securities (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within their respective groups. The ratings on the DBRS-rated groups also reflect the quality of the underlying assets. Initial exchangeable securities may be exchanged for subsequent exchangeable securities, and vice versa, in the combinations described in the private placement memorandum.

Other than the specified classes above, DBRS does not rate any other securities in this transaction.

Interest and principal payments on the securities will generally be made on the 20th day of each month for Group III, commencing in January 2010, and the 26th day of each month for Group V and Group VII, commencing in December 2009. Group III and Group VII interest payments will be distributed on a pro rata basis to the securities. Group V interest payments will be distributed on a sequential basis to the securities. Principal payments will be distributed on a sequential basis to the securities until the principal balances have been reduced to zero.

Any losses realized from the underlying security will be allocated in a reverse sequential order, until the principal balances have been reduced to zero.

The Trust is a resecuritization of 16 senior RMBS, represented by various real estate mortgage investment conduits (REMICs). The REMICs underlying the DBRS-rated groups are backed by pools of seasoned prime and Alt-A, fixed or adjustable rate, first-lien one- to four-family residential mortgages.

Notes:

• denotes Initial Exchangeable Certificate.

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.