DBRS Rates CSMC Series 2010-19R

DBRS has today assigned the following ratings to the CSMC Series 2010-19R Securities issued by CSMC Series 2010-19R (the Trust).

-- $9.6 million Class 2-A-1** rated at A (sf)
-- $7.1 million Class 2-A-4* rated at AAA (sf)
-- $1.1 million Class 2-A-5* rated at AA (sf)
-- $1.4 million Class 2-A-6* rated at A (sf)
-- $8.2 million Class 2-A-8** rated at AA (sf)
-- $9.6 million Class 2-A-9** rated at A (sf)
-- $71.6 million Class 5-A-1* rated at AAA (sf)
-- $6.9 million Class 5-A-2* rated at AA (sf)
-- $8.3 million Class 5-A-3* rated at A (sf)
-- $78.4 million Class 5-A-5** rated at AA (sf)
-- $86.7 million Class 5-A-6** rated at A (sf)
-- $51.2 million Class 6-A-1* rated at AAA (sf)
-- $3.0 million Class 6-A-2* rated at AA (sf)
-- $3.8 million Class 6-A-3* rated at A (sf)
-- $54.3 million Class 6-A-5** rated at AA (sf)
-- $58.0 million Class 6-A-6** rated at A (sf)

There are five groups total in this resecuritization trust. DBRS rates Groups 2, 5 and 6, each consisting of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within each group. The ratings also reflect the quality of the underlying assets. The Exchangeable REMIC Notes are exchangeable for the Exchangeable Notes and vice versa, in the related combinations described in the offering memorandum.

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 the second business day following the underlying distribution date (the 25th of each month), commencing in December 2010. Within Group 2, interest will be distributed on a pro rata basis to the securities. Within Groups 5 and 6, interest will be distributed on a sequential basis to the securities. Within each DBRS-rated group, principal will be distributed on a sequential basis to the securities, 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 securities.

Each DBRS-rated group is a resecuritization backed by one seasoned senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMIC trusts are backed by pools of prime or Alt-A, 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.