DBRS Rates RBSSP Resecuritization Trust 2010-2

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2010-2 issued by RBSSP Resecuritization Trust 2010-2 (the Trust).

-- $ 9.4 million Class 5-A1 rated at BBB
-- $ 27.3 million Class 9-A1* rated at AAA
-- $ 29.5 million Class 9-A3** rated at AA
-- $ 32.1 million Class 9-A5** rated at “A”

There are a total of 13 groups in this resecuritization trust. DBRS rates Groups 5 and 9, each consisting of one previously issued senior residential mortgage-backed security (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 Notes may be exchanged for subsequent Exchangeable Notes, 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 be made one business day following the underlying distribution date (the 25th day of each month), commencing in March 2010. Within Group 5, interest will be paid to the senior class and the subordinate class interest will be paid to the senior class as principal until the note balance is reduced to zero. Principal will be paid sequentially to Group 5 securities. Within Group 9, interest and then principal payments will be distributed on a sequential basis.

Any losses realized from the underlying securities will be allocated reverse sequentially within each group until the class principal balances have been reduced to zero.

The Trust is a resecuritization consisting of 13 senior RMBS represented by various real estate mortgage investment conduits (REMICs). Within the DBRS-rated groups, the REMICs are backed by pools of seasoned prime or sub-prime, performing and non-performing, first lien, one- to four-family residential mortgages.

Note:

• denotes Initial Exchangeable Note.
  ** denotes Exchangeable 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.