DBRS Rates CSMC Series 2011-8R

DBRS has today assigned the following ratings to the CSMC Series 2011-8R Securities issued by CSMC Series 2011-8R (the Trust).

-- $3.82 million Class 1-A-3* rated at A (sf)

There are two groups total in this resecuritization trust. DBRS rates Group 1, which consists of one underlying seasoned senior residential mortgage-backed security (RMBS). The rating on the securities reflects the credit enhancement provided by subordination within Group 1. The rating also reflects 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 rating assigned to the respective offered securities addresses (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 class specified 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 latest underlying distribution date of any security group (the 25th of each month), commencing in June 2011. Within Group 1, 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.

Group 1 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 Alt-A, 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.