DBRS Rates CSMC Series 2010-13R

DBRS has today assigned the following ratings to the CSMC Series 2010-13R Securities issued by CSMC Series 2010-13R (the Trust).

-- $23.7 million Class 1-A-1* rated at “A”
-- $18.7 million Class 1-A-3** rated at AAA
-- $1.3 million Class 1-A-4** rated at AAA
-- $1.7 million Class 1-A-5** rated at AA
-- $2.0 million Class 1-A-6** rated at “A”
-- $20.0 million Class 1-A-9* rated at AAA
-- $21.7 million Class 1-A-10* rated at AA

There are a total of two groups in this resecuritization trust. DBRS rates Group 1, which consists 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 security. 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), commencing in July 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.

Group 1 is a resecuritization backed by one seasoned senior RMBS, represented by one real estate mortgage investment conduits (REMICs). The REMIC is backed by a pool of prime, 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.