DBRS Rates BCAP LLC 2011-RR1 Trust Resecuritization Trust Securities

DBRS has today assigned the following ratings to the Resecuritization Trust Securities issued by BCAP LLC 2011-RR1 Trust (the Trust).

-- $19.7 million Class 2A1* rated at AAA(sf)
-- $4.2 million Class 2A2* rated at A(sf)
-- $23.8 million Class 2A3** rated at A(sf)
-- $4.2 million Class 2A4** rated at A(sf)
-- $13.2 million Class 3A2** rated at AAA(sf)
-- $11 million Class 5A1 rated at A(sf)
-- $14.4 million Class 6A1 rated at A(sf)
-- $12.7 million Class 7A1* rated at AAA(sf)
-- $2.1 million Class 7A2* rated at A(sf)
-- $14.8 million Class 7A3** rated at A(sf)
-- $9.3 million Class 8A1 rated at AAA(sf)

There are eight groups in this resecuritization trust. DBRS rates securities from Groups 2, 3 and Groups 5 through 8. Each DBRS-rated group consists of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within their respective groups and the quality of the underlying assets. Initial Exchangeable securities may be exchanged for Subsequent Exchangeable securities, and vice versa, in the combinations described in the private placement memorandum.

The ratings assigned to the respective offered securities address the likelihood of the receipt by investors in such offered securities of all distributions to which such securities are entitled, as such entitlements may be, or may have been, reduced by (i)the allocation of certain net interest shortfalls allocated to the related underlying securities, including but not limited to net interest shortfalls resulting from prepayments of the related underlying mortgage loans, application of the Servicemembers Civil Relief Act (or similar state or local laws) in respect of the related underlying mortgage loans, reductions in the interest rate on the related underlying mortgage loans as a result of modifications on such underlying mortgage loans or any interest shortfalls resulting from a servicer’s failure to make any required advances of interest in respect of the underlying mortgage loans and (ii) any related extraordinary trust expenses that may be incurred. For more details on the ratings, please refer to the offering documents.

Other than the specified classes above, DBRS does not rate any other securities in this transaction.

Interest and principal payments on the securities will generally be made on the business day following the underlying distribution date (25th of the month), commencing in February 2011. Within the other DBRS-rated groups, the interest payments for Group 3 will be distributed on a sequential basis. The interest payments for the other DBRS-rated Groups will be made on a pro-rata basis. Principal payments on all DBRS-rated groups will be distributed on a sequential basis, until the principal balances have been reduced to zero.

Any losses realized from the underlying securities will be allocated in a reverse sequential order within each group, until the principal balances have been reduced to zero.

Each DBRS-rated group is a resecuritization of one seasoned senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMICs are backed by pools of seasoned, Prime or Alt-A, fixed- or adjustable-rate, one- to four-family residential mortgages.

Notes:

• denotes Initial Exchangeable Security.
  ** denotes Subsequent Exchangeable Security.

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.