DBRS Confirms A (sf) Rating to a CDS Entered Into by Static Residential CDO 2005-C Ltd.

DBRS has today confirmed the rating of A (sf) to the counterparty credit risk of Static Residential CDO 2005-C Ltd. (“START 2005-C”) with respect to its ability to make any and all payments due under the credit default swap confirmation (“CDS”) governed by the ISDA Master Agreement, dated January 20, 2006, between Deutsche Bank AG (“Deutsche Bank”) and START 2005-C.

General Terms of the CDS:

Fixed Rate Payer: Deutsche Bank
Floating Rate Payer: START 2005-C
Trade Date: January 12, 2006
Effective Date: January 20, 2006
Total Current Notional: $203,537,171

This rating reflects the various forms of cash collateralization held by START 2005-C, as well as the position of Deutsche Bank as CDS Counterparty within the legal structure of START 2005-C.

The DBRS rating addresses the ultimate payment of the above referenced payments until the Scheduled Termination Date of the CDS.

This rating did not include issuer participation and is based solely on publicly available information.

The principal methodology is Rating US & European Structured Finance CDO Restructurings, which can be found on our website under Methodologies.

Note:
All figures are in U.S. dollars unless otherwise noted.