DBRS Confirms TABS 2005-2 Oakville Limited Ratings

DBRS has today confirmed the ratings of various notes issued by TABS 2005-2 Oakville Limited (TABS or the Transaction). The Class A-1 Notes, Class A-2 Notes and Class B Notes (collectively, the Notes) issued by TABS have each been confirmed at C (sf).

The Transaction is a managed cash flow collateralized debt obligation (CDO) of asset-backed securities (ABS) that consists primarily of U.S. residential mortgage-backed securities (RMBS). All of the underlying ABS were originally investment grade, with most being rated BBB or BBB (low).

As a result of poor performance of the Transaction’s underlying securities, the Notes were previously downgraded to C (sf). DBRS expects that the Class A-1 Notes will suffer a partial loss of principal, and it is expected that the Class A-2 Notes and Class B Notes will not receive any return of initial principal over the remaining term of the Transaction.

DBRS will release further updates on www.dbrs.com as appropriate.

Note:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodologies are Rating Canadian Structured Credit Transactions and Canadian Structured Credit Surveillance, which can be found on our website under Methodologies.