DBRS Rates Station Place Securitization Securities, Series 2010-1 Notes

DBRS has today assigned the following ratings to the Station Place Securitization Securities, Series 2010-1 issued by Station Place Securitization Trust 2010-1 (the Trust).

-- $148.8 million Class A Notes rated at AAA (sf)
-- $5.3 million Class M-1 Notes rated at AA (sf)
-- $4.8 million Class M-2 Notes rated at A (sf)
-- $4.4 million Class M-3 Notes rated at BBB (sf)
-- $3.1 million Class M-4 Notes rated at BB (sf)
-- $2.6 million Class M-5 Notes rated at B (sf)

The AAA (sf) ratings on the Class A Certificates reflect 15.0% of credit enhancement provided by the subordinate classes. The AA (sf) rating on Class M-1 reflects 12.0% of credit enhancement. The A (sf) rating on Class M-2 reflects 9.25% of credit enhancement. The BBB (sf) rating on Class M-3 reflects 6.75% of credit enhancement. The BB (sf) rating on Class M-4 reflects 5.0% of credit enhancement. The B (sf) rating on Class M-5 reflects 3.5% of credit enhancement. Additionally, a reserve fund that is equivalent to 1% of the group 2 collateral has been established for the benefit of the group 2 note holders.

The Class VF, M-6, M-7 notes and the owner trust certificates are not rated by DBRS.

The ratings on the notes also reflect the quality of the underlying assets and the capabilities of Provident Funding Associates, L.P. (Provident) as servicer. U.S. Bank National Association will serve as trustee, custodian and backup servicer.

The trust consists of a revolving pool of eligible mortgage loans and eligible securities. The eligible mortgage loans are first-lien, fixed-rate mortgages secured by residential properties originated by Provident in accordance with the eligibility requirements for purchase or swap by Fannie Mae, Freddie Mac or Ginnie Mae. The characteristics of the revolving pool include a weighted average (W.A.) FICO of at least 745, a maximum W.A. loan-to-value (LTV) ratio of 70% and a maximum W.A. seasoning of two months. The eligible securities will be issued by an agency and will be backed by eligible mortgage loans.

The eligible mortgage loans and securities are sold into the trust by Provident pursuant to a master repurchase agreement. This revolving facility has a term of one year and the notes are expected to be paid in full at the end of this period. If the notes are not paid in full at the expiration of the facility or if an event of default is to occur, the trustee will attempt to auction the collateral to pay off the notes. The trustee is not permitted to sell the collateral unless the liquidation proceeds are adequate to pay the rated notes in full. If the trustee is not able to sell the collateral, the transaction enters into amortization and the available proceeds will be used to pay off the notes. Interest and principal to the notes will be paid in a sequential order.

Clayton Services LLC (Clayton) will perform periodic credit, compliance and valuation due diligence on 100 randomly selected mortgage loans. The due diligence will be performed on March 30, 2011, June 30, 2011 and September 30, 2011.

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.