DBRS Rates CSMC Series 2010-8R

DBRS has today assigned the following ratings to the CSMC Series 2010-8R Securities issued by CSMC Series 2010-8R (the Trust).

-- $40.0 million Class 10-A-1* rated at AAA
-- $4.7 million Class 10-A-2 rated at AA
-- $3.9 million Class 10-A-3 rated at “A”
-- $4.7 million Class 10-A-4 rated at BBB
-- $32.0 million Class 10-A-7** rated at AAA
-- $2.0 million Class 10-A-8** rated at AAA
-- $2.0 million Class 10-A-9** rated at AAA
-- $2.0 million Class 10-AA** rated at AAA
-- $2.0 million Class 10-AB** rated at AAA
-- $30.1 million Class 11-A-1* rated at AAA
-- $3.9 million Class 11-A-2 rated at AA
-- $3.3 million Class 11-A-3 rated at “A”
-- $3.3 million Class 11-A-4 rated at BBB
-- $24.1 million Class 11-A-7** rated at AAA
-- $1.5 million Class 11-A-8** rated at AAA
-- $1.5 million Class 11-A-9** rated at AAA
-- $1.5 million Class 11-AA** rated at AAA
-- $1.5 million Class 11-AB** rated at AAA
-- $12.6 million Class 12-A-1* rated at AAA
-- $1.4 million Class 12-A-2 rated at AA
-- $1.4 million Class 12-A-3 rated at “A”
-- $1.4 million Class 12-A-4 rated at BBB
-- $10.1 million Class 12-A-7** rated at AAA
-- $630.0 thousand Class 12-A-8** rated at AAA
-- $631.0 thousand Class 12-A-9** rated at AAA
-- $631.0 thousand Class 12-AA** rated at AAA
-- $631.0 thousand Class 12-AB** rated at AAA
-- $11.6 million Class 13-A-1* rated at AAA
-- $1.2 million Class 13-A-2 rated at AA
-- $971.0 thousand Class 13-A-3 rated at “A”
-- $1.2 million Class 13-A-4 rated at BBB
-- $9.3 million Class 13-A-7** rated at AAA
-- $582.0 thousand Class 13-A-8** rated at AAA
-- $583.0 thousand Class 13-A-9** rated at AAA
-- $582.0 thousand Class 13-AA** rated at AAA
-- $583.0 thousand Class 13-AB** rated at AAA

There are a total of 13 groups in this resecuritization trust. DBRS rates Groups 10 through 13, each consisting of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the notes reflect the credit enhancement provided by subordination. The ratings also reflect 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 securities will generally be made one business day following the underlying distribution date (the 25th of each month for Groups 10, 12 and 13 and the 20th of each month for Group 11), commencing in May 2010. Interest will be distributed on a pro rata basis to the notes. Principal 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 will be allocated in a reverse sequential order to the notes.

The DBRS-rated groups within the Trust are resecuritizations backed by four seasoned senior RMBS, represented by various real estate mortgage investment conduits (REMICs). The REMICs are backed by pools of prime and Alt-A, adjustable- and fixed-rate, first-lien, one- to four-family residential mortgages.

Notes:

• denotes Exchangeable Note.
  ** denotes Exchangeable REMIC 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.