DBRS Rates RBSSP Resecuritization Trust 2011-4

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2011-4 issued by RBSSP Resecuritization Trust 2011-4 (the Trust).

-- $12.7 million Class 9-A1* rated at A (sf)
-- $12.7 million Class 9-A3** rated at A (sf)
-- $12.7 million Class 9-A4** rated at A (sf)

There are a total of eight groups in this resecuritization trust. DBRS rates Group 9, which consists of one previously issued seasoned senior residential mortgage-backed security (RMBS). Within Group 9, the ratings on the securities reflect the credit enhancement provided by subordination and the quality of the underlying asset. Certain classes of securities (Initial Exchangeable Notes) are exchangeable for certain other classes of securities (Exchangeable Notes) and vice versa, in the combinations described in the offering documents.

The ratings assigned to the 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 or any other cause, and as such interest entitlement may be further reduced by the allocation of extraordinary expenses). 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 be made on the second business day following the latest underlying distribution date (generally the 25th day of each month), commencing in July 2011. Within Group 9, interest and principal will be paid sequentially until the principal balances thereof have been reduced to zero.

Any losses realized from the underlying securities will be allocated reverse sequentially within Group 9 until the class principal balances have been reduced to zero.

Group 9 is a resecuritization, consisting of one senior RMBS represented by a real estate mortgage investment conduit (REMIC). The REMIC is backed by a pool of seasoned prime, fixed-rate, first lien, one- to four-family residential mortgages.

Note:

• denotes Initial Exchangeable Note.
  ** denotes Exchangeable 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.