DBRS Rates CSMC Series 2010-7R

DBRS has today assigned the following ratings to the CSMC Series 2010-7R Securities issued by CSMC Series 2010-7R (the Trust).

-- $64.1 million Class 1-A-1 ** rated at AAA
-- $4.9 million Class 1-A-2 * rated at AA
-- $4.9 million Class 1-A-3 * rated at A
-- $5.9 million Class 1-A-4 * rated at BBB
-- $69.0 million Class 1-A-10 ** rated at AA
-- $74.0 million Class 1-A-11 **rated at A
-- $79.9 million Class 1-A-12 * rated at BBB
-- $44.4 million Class 1-A-18 * rated at AAA
-- $4.9 million Class 1-A-19 * rated at AAA
-- $4.9 million Class 1-A-20 * rated at AAA
-- $4.9 million Class 1-A-21 * rated at AAA
-- $4.9 million Class 1-A-22 * rated at AAA
-- $49.3 million Class 1-A-23 ** rated at AAA
-- $54.2 million Class 1-A-24 ** rated at AAA
-- $59.2 million Class 1-A-25 ** rated at AAA
-- $19.7 million Class 1-A-26 ** rated at AAA
-- $14.8 million Class 1-A-27 ** rated at AAA
-- $9.9 million Class 1-A-28 ** rated at AAA
-- $50.0 million Class 2-A-1 ** rated at AAA
-- $5.9 million Class 2-A-2 rated * at AA
-- $4.9 million Class 2-A-3 rated * at A
-- $5.9 million Class 2-A-4 rated * at BBB
-- $55.9 million Class 2-A-10 ** rated at AA
-- $60.8 million Class 2-A-11** rated at A
-- $66.7 million Class 2-A-12 * rated at BBB
-- $30.4 million Class 2-A-18 * rated at AAA
-- $4.9 million Class 2-A-19 * rated at AAA
-- $4.9 million Class 2-A-20 * rated at AAA
-- $4.9 million Class 2-A-21 * rated at AAA
-- $4.9 million Class 2-A-22 * rated at AAA
-- $35.3 million Class 2-A-23 ** rated at AAA
-- $40.2 million Class 2-A-24 ** rated at AAA
-- $45.1 million Class 2-A-25 ** rated at AAA
-- $19.6 million Class 2-A-26 ** rated at AAA
-- $14.7 million Class 2-A-27 ** rated at AAA
-- $9.8 million Class 2-A-28 ** rated at AAA
-- $188.8 million Class 3-A-1 ** rated at AAA
-- $14.3 million Class 3-A-2 * rated at AA
-- $14.3 million Class 3-A-3 * rated at A
-- $17.2 million Class 3-A-4 * rated at BBB
-- $203.1 million Class 3-A-10 ** rated at AA
-- $217.4 million Class 3-A-11 ** rated at A
-- $234.5 million Class 3-A-12 * rated at BBB
-- $131.6 million Class 3-A-18 * rated at AAA
-- $14.3 million Class 3-A-19 * rated at AAA
-- $14.3 million Class 3-A-20 * rated at AAA
-- $14.3 million Class 3-A-21 * rated at AAA
-- $14.3 million Class 3-A-22 * rated at AAA
-- $145.9 million Class 3-A-23 ** rated at AAA
-- $160.2 million Class 3-A-24 ** rated at AAA
-- $174.5 million Class 3-A-25 ** rated at AAA
-- $57.2 million Class 3-A-26 ** rated at AAA
-- $42.9 million Class 3-A-27 ** rated at AAA
-- $28.6 million Class 3-A-28 ** rated at AAA
-- $176.0 million Class 4-A-1 ** rated at AAA
-- $16.5 million Class 4-A-2 * rated at AA
-- $13.8 million Class 4-A-3 * rated at A
-- $13.8 million Class 4-A-4 * rated at BBB
-- $192.5 million Class 4-A-10 ** rated at AA
-- $206.3 million Class 4-A-11 ** rated at A
-- $220.0 million Class 4-A-12 * rated at BBB
-- $121.0 million Class 4-A-18 * rated at AAA
-- $13.8 million Class 4-A-19 * rated at AAA
-- $13.8 million Class 4-A-20 * rated at AAA
-- $13.8 million Class 4-A-21 * rated at AAA
-- $13.8 million Class 4-A-22 * rated at AAA
-- $134.8 million Class 4-A-23** rated at AAA
-- $148.5 million Class 4-A-24 ** rated at AAA
-- $162.3 million Class 4-A-25 ** rated at AAA
-- $55.0 million Class 4-A-26 ** rated at AAA
-- $41.3 million Class 4-A-27 ** rated at AAA
-- $27.5 million Class 4-A-28 ** rated at AAA

There are a total of four groups in this resecuritization Trust. The ratings on the notes reflect the credit enhancement provided by subordination as well as the quality of the underlying securities. Certain classes of notes (Exchangeable REMIC Notes) are exchangeable for certain other classes of notes (Exchangeable Notes) and vice versa, in the combinations described in Annex II 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 generally on the 26th day of each month commencing in April 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.

The Trust is a resecuritization of 4 senior RMBS, represented by various real estate mortgage investment conduits (REMICs).The trusts are backed primarily by a pool of seasoned prime fixed or adjustable rate, first-lien one- to four-family residential mortgages.

Notes:

• denotes Exchangeable REMIC 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.