DBRS Rates Deutsche Mortgage Securities, Inc. REMIC Trust Certificates, Series 2009-RS6
RMBSDBRS has today assigned the following ratings to the REMIC Trust Certificates, Series 2009-RS6 issued by Deutsche Mortgage Securities, Inc. (the Trust).
-- $56.4 million Class A-1* rated at AAA
-- $50.8 million Class A-1A** rated at AAA
-- $5.6 million Class A-1B** rated at AAA
-- $45.1 million Class A-1C** rated at AAA
-- $11.3 million Class A-1D** rated at AAA
The resecuritization trust consists of one seasoned senior residential mortgage-backed security (RMBS). The AAA rating on the Class A-1 certificates reflects a 50% credit enhancement provided by Class A-2 via subordination. The ratings also reflect the quality of the underlying security, Citigroup Mortgage Loan Trust 2007-AR8 Class 1-A1A. Certain classes of certificates (Initial Exchangeable Certificates) are exchangeable for certain other classes of certificates (Exchangeable Certificates) and vice versa, in the combinations described in Schedule A of the private placement memorandum.
DBRS does not rate Class A-2 and its exchangeable certificates in this transaction.
Interest and principal payments on the certificates will be made generally on the 25th day of each month commencing in January 2010. Interest payments will be distributed on a pro rata basis to the certificates, and principal will be distributed on a sequential basis to the certificates, in the order of priority specified in the private placement memorandum, until the principal balances thereof are reduced to zero.
Any losses realized from the underlying securities will be allocated in a reverse numerical order to the certificates.
The Trust is a resecuritization consisting of one senior RMBS, Citigroup Mortgage Loan Trust 2007-AR8 Class 1-A1A, which is backed by a pool of Alt-A, fixed-rate, first-lien, one- to four-family residential mortgages.
Notes:
- denotes Initial Exchangeable Certificates.
** denotes Exchangeable Certificates.
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.
Ratings
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.