DBRS Rates CSMC Series 2010-20R

DBRS has today assigned the following ratings to the CSMC Series 2010-20R Securities issued by CSMC Series 2010-20R (the Trust).

-- $23.8 million Class 1-A-1* rated at AAA (sf)
-- $1.9 million Class 1-A-2* rated at AA (sf)
-- $1.9 million Class 1-A-3* rated at A (sf)
-- $25.7 million Class 1-A-5** rated at AA (sf)
-- $27.6 million Class 1-A-6** rated at A (sf)
-- $7.8 million Class 2-A-1* rated at AAA (sf)
-- $1.0 million Class 2-A-2* rated at AA (sf)
-- $1.0 million Class 2-A-3* rated at A (sf)
-- $8.8 million Class 2-A-5** rated at AA (sf)
-- $9.8 million Class 2-A-6** rated at A (sf)
-- $31.2 million Class 4-A-1* rated at AAA (sf)
-- $3.3 million Class 4-A-2* rated at AA (sf)
-- $2.8 million Class 4-A-3* rated at A (sf)
-- $34.5 million Class 4-A-5** rated at AA (sf)
-- $37.3 million Class 4-A-6** rated at A (sf)
-- $23.6 million Class 5-A-1* rated at AAA (sf)
-- $3.9 million Class 5-A-2* rated at AA (sf)
-- $3.9 million Class 5-A-3* rated at A (sf)
-- $27.5 million Class 5-A-5** rated at AA (sf)
-- $31.4 million Class 5-A-6** rated at A (sf)
-- $70.9 million Class 6-A-1* rated at AAA (sf)
-- $7.4 million Class 6-A-2* rated at AA (sf)
-- $8.9 million Class 6-A-3* rated at A (sf)
-- $78.3 million Class 6-A-5** rated at AA (sf)
-- $87.1 million Class 6-A-6** rated at A (sf)
-- $51.4 million Class 7-A-1* rated at AAA (sf)
-- $5.0 million Class 7-A-2* rated at AA (sf)
-- $6.0 million Class 7-A-3* rated at A (sf)
-- $56.5 million Class 7-A-5** rated at AA (sf)
-- $62.5 million Class 7-A-6** rated at A (sf)
-- $11.3 million Class 8-A-1* rated at AAA (sf)
-- $0.7 million Class 8-A-2* rated at AA (sf)
-- $0.8 million Class 8-A-3* rated at A (sf)
-- $11.9 million Class 8-A-5** rated at AA (sf)
-- $12.7 million Class 8-A-6** rated at A (sf)

There are nine groups total in this resecuritization trust. DBRS rates Groups 1, 4, 5, 6, 7 and 8 each consisting of one seasoned senior residential mortgage-backed security (RMBS). In addition, DBRS rates Group 2 which consists of a seasoned senior RMBS and an inverse interest-only RMBS issued from the same underlying trust. 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 Securities address (i) the likelihood of the receipt by noteholders of all principal distributions to which such noteholders are entitled and (ii) the likelihood of the receipt by noteholders of the amount of interest actually received by the Trust to the extent payable to each class in accordance with the priorities described in the Trust Agreement (as such interest received by the Trust may have been reduced as a result of net interest reductions or any other cause, and as such interest entitlement may be further reduced by the allocation of extraordinary trust expenses as described in the Trust Agreement). The ratings on the Securities do not address the likelihood the noteholders will receive all amounts of interest due on the Securities at the related Note Rate.

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 January 2011. Within each DBRS-rated group, interest will be distributed on a sequential basis to the securities. Principal will also 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.

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.