DBRS Rates CSMC Series 2011-14R

DBRS has today assigned the following ratings to the CSMC Series 2011-14R Securities issued by CSMC Series 2011-14R (the Trust).

-- $13.84 million Class A-3* 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 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 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 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 underlying distribution date (the 25th of each month), commencing in October 2011.

Interest payments 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.

This resecuritization Trust consists of one seasoned senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMIC trust is backed by a pool of prime, fixed-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.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.