DBRS Rates ASG Resecuritization Trust 2011-2

DBRS has today assigned the following ratings to the REMIC Notes, Series 2011-2, issued by ASG Resecuritization Trust 2011-2 (the Trust):

-- $16.7 million Class G38F* rated at AAA (sf)
-- $3.6 million Class G38S* rated at AAA (sf)
-- $2.2 million Class G43F* rated at AA (sf)
-- $478.4 thousand Class G43S* rated at AA (sf)
-- $2.2 million Class G48F* rated at A (sf)
-- $478.4 thousand Class G48S* rated at A (sf)
-- $18.9 million Class A43F** rated at AA (sf)
-- $4.1 million Class A43S** rated at AA (sf)
-- $21.1 million Class A48F** rated at A (sf)
-- $4.6 million Class A48S** rated at A (sf)

This Trust is a resecuritization of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the offered notes reflect the credit enhancement provided by subordination and the quality of the underlying asset. The Exchangeable Notes may be exchanged for certain other classes of Exchanged Notes and vice versa, in the combinations described in the offering memorandum.

The ratings assigned to the respective offered securities address (i) the likelihood of the receipt by security holders of all principal distributions to which such security holders are entitled and (ii) the likelihood of the receipt by security holders 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 any interest shortfalls allocated to the related underlying securities, and as such interest entitlement may be further reduced by the allocation of extraordinary trust expenses). For more details on the ratings, please refer to the offering documents.

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

Interest and principal payments on the Notes will generally be made on the third business day following the underlying distribution date (25th day of each month) commencing in May 2011. Interest payments will be distributed on a pro rata basis to the Notes. Principal will be distributed on a sequential basis to the Notes, in numerical order, until the principal balances thereof are reduced to zero.

Losses will be allocated reverse sequentially to the Class G100 through G55 Notes until the note principal amount has been reduced to zero. No losses will be allocated to Class G38F through G48S Notes.

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

Notes:

• denotes Exchangeable Note
  ** denotes Exchanged 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.