DBRS Rates CSMC Series 2011-5R

DBRS has today assigned the following ratings to the CSMC Series 2011-5R Securities issued by CSMC Series 2011-5R (the Trust).

-- $11.1 million Class 2-A-3* rated at A (sf)

There are six groups total in this resecuritization trust. DBRS rates Group 2, which consists of one underlying seasoned senior residential mortgage-backed security (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within each group. The ratings also reflect the quality of the underlying asset. The Exchangeable REMIC Notes are exchangeable for the Exchangeable Notes and vice versa, in the related combinations described in the private placement 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 operative documents (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). The ratings on the Securities do not address the likelihood that 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 on the second business day following the underlying distribution date (the 25th of each month), commencing in April 2011. Within Group 2, interest will be distributed on a pro rata basis to the securities. Principal will 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 security will be allocated in a reverse sequential order to the securities.

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

Notes:

• denotes Exchangeable REMIC 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.