DBRS Rates RBSSP Resecuritization Trust 2011-1

DBRS has today assigned the following rating to the Resecuritization Trust Securities, Series 2011-1 issued by RBSSP Resecuritization Trust 2011-1 (the Trust).

-- $27.4 million Class 3-A1 rated at A (sf)

There are a total of eight groups in this resecuritization trust. DBRS rates Group 3, which consists of one previously issued seasoned senior residential mortgage-backed security (RMBS). Within Group 3, the ratings on the securities reflect the credit enhancement provided by subordination and the quality of the underlying asset.

The ratings assigned to the offered securities address the likelihood of the receipt by holders of the offered securities of all payments to which such holders are entitled, as such entitlements may be reduced by (i) the allocation of certain net interest shortfalls allocated the Underlying Securities, including but not limited to net interest shortfalls resulting from prepayments of the related Underlying Mortgage Loans, application of the relief act in respect of the related Underlying Mortgage Loans or reductions in the interest rate on the related Underlying Mortgage Loans as a result of modifications or Underlying Servicer’s failure to make any required advances of interest and (ii) any Extraordinary Expenses that may be incurred or due to other non credit events. 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 be made one business day following the latest underlying distribution date (the 28th day of each month), commencing in February 2011. Within Group 3, interest and principal will be paid sequentially until the principal balances thereof have been reduced to zero.

Any losses realized from the underlying securities will be allocated reverse sequentially within each group until the class principal balances have been reduced to zero.

Group 3 is a resecuritization, consisting of one senior RMBS represented by a real estate mortgage investment conduit (REMIC). The REMIC is backed by a pool of seasoned Alt-A, adjustable-rate, first lien, one- to four-family residential mortgages.

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.