DBRS Rates Station Place Securitization Notes, Series 2009-1

DBRS has today assigned the following ratings to the Station Place Securitization Notes, Series 2009-1 issued by Station Place Securitization Trust 2009-1 (the Trust).

-- $267.0 million Class A rated at AAA

The AAA ratings on the Class A notes reflect 11% credit enhancement provided by subordination and amounts on deposit in a reserve fund. The Class B and C notes and the trust certificates are not rated by DBRS.

The ratings on the notes also reflect the quality of the underlying assets and the capabilities of Provident Funding Associates, L.P. (Provident) as servicer. U.S. Bank National Association will serve as trustee, custodian and backup servicer.

The trust consists of a revolving pool of eligible mortgage loans and eligible securities. The eligible mortgage loans are first-lien, fixed-rate mortgages secured by residential properties originated by Provident in accordance with the criteria of Fannie Mae, Freddie Mac or Ginnie Mae (agency). The characteristics of the revolving pool include a weighted average (W.A.) FICO of at least 760, a maximum W.A. loan-to-value (LTV) ratio of 66% and a maximum W.A. seasoning of two months. The eligible securities will be issued by an agency and will be backed by eligible mortgage loans.

The eligible mortgage loans and securities are sold into the trust by Provident pursuant to a master repurchase agreement. This revolving facility has a term of one year and the notes are expected to be paid in full at the end of this period. If the notes are not paid in full at the expiration of the facility or if any other event of default is to occur, the trustee will attempt to auction the collateral to pay off the notes. The trustee is not permitted to sell the collateral unless the liquidation proceeds are adequate to pay class A notes in full. If the trustee is not able to sell the collateral, the transaction enters into amortization and the available proceeds will be used to pay off the notes. Interest and principal to the notes will be paid in a sequential order. Losses from the underlying collateral will be allocated reverse sequentially.

Clayton Services LLC (Clayton) performed data integrity, credit and compliance due diligence on 100 mortgage loans that are similar to the mortgage loans that will be included in the revolving pool. Additionally, every 60 days following issuance, Clayton will randomly select 150 mortgage loans to perform ongoing due diligence.

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.