Press Release

DBRS Rates CSMC Series 2010-18R

RMBS
October 29, 2010

DBRS has today assigned the following ratings to the CSMC Series 2010-18R Securities issued by CSMC Series 2010-18R (the Trust).

-- $88.46 million Class 4-A-1* rated at AAA (sf)
-- $12.34 million Class 4-A-2* rated at AA (sf)
-- $12.34 million Class 4-A-3* rated at A (sf)
-- $100.81 million Class 4-A-5# rated at AA (sf)
-- $113.15 million Class 4-A-6# rated at A (sf)

There are six groups total in this resecuritization trust. DBRS rates Group 4, 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.

The ratings assigned to the notes address the likelihood of the receipt by note holders of all distributions to which such note holders are entitled to and as such the entitlements may be reduced by (i) the allocation of certain interest shortfalls that may include interest shortfalls resulting from prepayments, application of any Relief Act reductions and interest rate modifications on the underlying collateral and (ii) any extraordinary trust expenses that may be incurred. For more details on the ratings, please refer to the offering documents.

Other than the specified class 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 November 2010. Interest and 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 4 is a resecuritization backed by one seasoned senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMIC is backed by a pool of prime, fix-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.

Ratings

CSMC Series 2010-18R
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.