DBRS Rates CSMC Series 2010-5R, Ltd. Securities

DBRS has today assigned the following ratings to the CSMC Series 2010-5R, Ltd. Securities issued by CSMC Series 2010-5R, Ltd. (the Trust).

-- $41.7 million Class 1-A-1* rated at AAA
-- $2.9 million Class 1-A-2* rated at AA
-- $2.3 million Class 1-A-3* rated at “A”
-- $44.5 million Class 1-A-5** rated at AA
-- $46.8 million Class 1-A-6** rated at “A”

DBRS rates Group 1 in this resecuritization, which consists of one seasoned senior residential mortgage-backed security (RMBS). Within Group 1, the ratings on the securities reflect the credit enhancement provided by subordination as well as the quality of the underlying securities. Certain classes of notes and certificates are exchangeable for the Exchangeable Instruments and vice versa, in the combinations described in Annex I of 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 notes will be made on the business day following the underlying distribution date (the 25th day of each month), commencing in March 2010. Interest payments will be distributed on a pro rata basis to the notes. Principal payments will be distributed on a sequential basis to the notes, 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 within each group will be allocated in a reverse sequential order to the notes.

Group 1 is a resecuritization consisting of one senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMIC is backed by a pool of prime, adjustable-rate, first-lien, one- to four-family residential mortgages.

Notes:

• denotes Note or Certificate that is exchangeable for Exchangeable Instruments.
  ** denotes Exchangeable Instrument.

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.