DBRS Rates J.P. Morgan Resecuritization Trust, Series 2011-1

DBRS has today assigned the following ratings to the Trust Certificates issued by J.P. Morgan Resecuritization Trust, Series 2011-1 (the Trust).

-- $24.5 million Class 1-A-1* rated at AAA (sf)
-- $27.3 million Class 1-A-2** rated at AA (sf)
-- $29.7 million Class 1-A-3** rated at A (sf)
-- $2.8 million Class 1-A-5* rated at AA (sf)
-- $2.4 million Class 1-A-6* rated at A(sf)
-- $9.7 million Class 2-A-1* rated at AAA (sf)
-- $11.0 million Class 2-A-2** rated at AA (sf)
-- $12.3 million Class 2-A-3** rated at A (sf)
-- $1.3 million Class 2-A-5* rated at AA (sf)
-- $1.3 million Class 2-A-6* rated at A (sf)

There are a total of two groups in this resecuritization trust. DBRS rates both groups, each consisting of one underlying seasoned senior residential mortgage-backed security (RMBS). The ratings on the certificates reflect the credit enhancement provided by subordination and the quality of the underlying assets. The Base Certificates are exchangeable for the Exchangeable Certificates and vice versa, in the related combinations described in Exhibit F of 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 certificates in this transaction.

Interest and principal payments on the certificates will be made one business day following the underlying distribution date (the 25th of each month), commencing in March 2011. Within each group, interest payments will be distributed on a pro rata basis to the certificates and principal payments will be distributed on a sequential basis to the certificates until the certificate principal balances have been reduced to zero.

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

Each group is a resecuritization of one underlying seasoned senior RMBS represented by one real estate mortgage investment conduit (REMIC). The REMICs are backed by pools of prime, fixed-rate, first lien, one- to four-family residential mortgages.

Notes:

• denotes Base Certificate.
  ** denotes Exchangeable Certificate.

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 the DBRS website under Methodologies.