DBRS Rates BCAP LLC 2011-RR11 Trust Resecuritization Trust Securities

DBRS has today assigned the following ratings to the Resecuritization Trust Securities issued by BCAP LLC 2011-RR11 Trust (the Trust).

-- $4.5 million Class 1A1* rated at AAA (sf)
-- $826.0 thousand Class 1A2* rated at AA (sf)
-- $826.0 thousand Class 1A3* rated at A (sf)
-- $5.3 million Class 1A4** rated at AA (sf)
-- $6.1 million Class 1A5** rated at A (sf)
-- $1.7 million Class 1A6** rated at A (sf)

-- $7.6 million Class 3A1* rated at AAA (sf)
-- $2.2 million Class 3A2* rated at AA (sf)
-- $1.9 million Class 3A3* rated at A (sf)
-- $9.8 million Class 3A4** rated at AA (sf)
-- $11.7 million Class 3A5** rated at A (sf)
-- $4.1 million Class 3A6** rated at A (sf)

-- $45.1 million Class 4A1* rated at AAA (sf)
-- $9.0 million Class 4A2* rated at A (sf)
-- $54.1 million Class 4A3** rated at A (sf)

-- $22.5 million Class 5A1* rated at AAA (sf)
-- $4.3 million Class 5A2* rated at AA (sf)
-- $4.3 million Class 5A3* rated at A (sf)
-- $26.9 million Class 5A4** rated at AA (sf)
-- $31.2 million Class 5A5** rated at A (sf)
-- $8.7 million Class 5A6** rated at A (sf)

-- $13.5 million Class 6A1* rated at AAA (sf)
-- $807.0 thousand Class 6A2* rated at AA (sf)
-- $808.0 thousand Class 6A3* rated at A (sf)
-- $14.3 million Class 6A4** rated at AA (sf)
-- $15.1 million Class 6A5** rated at A (sf)
-- $1.6 million Class 6A6** rated at A (sf)

-- $33.1 million Class 8A1* rated at AAA (sf)
-- $1.6 million Class 8A2* rated at AA (sf)
-- $1.2 million Class 8A3* rated at A (sf)
-- $34.7 million Class 8A4** rated at AA (sf)
-- $35.9 million Class 8A5** rated at A (sf)
-- $2.8 million Class 8A6** rated at A (sf)

-- $36.9 million Class 10A1* rated at AAA (sf)
-- $2.1 million Class 10A2* rated at AA (sf)
-- $2.1 million Class 10A3* rated at A (sf)
-- $39.0 million Class 10A4** rated at AA (sf)
-- $41.1 million Class 10A5** rated at A (sf)
-- $4.2 million Class 10A6** rated at A (sf)

-- $17.7 million Class 11A1* rated at AAA (sf)
-- $746.0 thousand Class 11A2* rated at AA (sf)
-- $995.0 thousand Class 11A3* rated at A (sf)
-- $18.4 million Class 11A4** rated at AA (sf)
-- $19.4 million Class 11A5** rated at A (sf)
-- $1.7 million Class 11A6** rated at A (sf)

-- $11.4 million Class 14A1* rated at AA (sf)
-- $1.0 million Class 14A2* rated at A (sf)
-- $12.4 million Class 14A3** rated at A (sf)

-- $15.7 million Class 15A1* rated at AAA (sf)
-- $333.0 thousand Class 15A2* rated at AA (sf)
-- $334.0 thousand Class 15A3* rated at A (sf)
-- $16.0 million Class 15A4** rated at AA (sf)
-- $16.3 million Class 15A5** rated at A (sf)
-- $667.0 thousand Class 15A6** rated at A (sf)
-- $15.7 million Class 15A10** rated at AAA (sf)

-- $9.8 million Class 17A1* rated at AAA (sf)
-- $536.0 thousand Class 17A2* rated at AA (sf)
-- $537.0 thousand Class 17A3* rated at A (sf)
-- $10.3 million Class 17A4** rated at AA (sf)
-- $10.9 million Class 17A5** rated at A (sf)
-- $1.1 million Class 17A6** rated at A (sf)
-- $10.9 million Class 17A10** rated at A (sf)

-- $36.6 million Class 22A1* rated at AAA (sf)
-- $1.9 million Class 22A2* rated at AA (sf)
-- $1.9 million Class 22A3* rated at A (sf)
-- $38.5 million Class 22A4** rated at AA (sf)
-- $40.4 million Class 22A5** rated at A (sf)
-- $3.8 million Class 22A6** rated at A (sf)

-- $50.2 million Class 23A1* rated at AAA (sf)
-- $1.1 million Class 23A2* rated at AA (sf)
-- $1.1 million Class 23A3* rated at A (sf)
-- $51.3 million Class 23A4** rated at AA (sf)
-- $52.4 million Class 23A5** rated at A (sf)
-- $2.2 million Class 23A6** rated at A (sf)
-- $50.2 million Class 23A10** rated at AAA (sf)

-- $11.1 million Class 24A1* rated at AAA (sf)
-- $853.0 thousand Class 24A2* rated at AA (sf)
-- $852.0 thousand Class 24A3* rated at A (sf)
-- $11.9 million Class 24A4** rated at AA (sf)
-- $12.8 million Class 24A5** rated at A (sf)
-- $1.7 million Class 24A6** rated at A (sf)

-- $13.5 million Class 25A1* rated at AAA (sf)
-- $999.0 thousand Class 25A2* rated at AA (sf)
-- $999.0 thousand Class 25A3* rated at A (sf)
-- $14.5 million Class 25A4** rated at AA (sf)
-- $15.5 million Class 25A5** rated at A (sf)
-- $2.0 million Class 25A6** rated at A (sf)

-- $6.5 million Class 26A1* rated at AAA (sf)
-- $324.0 thousand Class 26A2* rated at AA (sf)
-- $243.0 thousand Class 26A3* rated at A (sf)
-- $6.8 million Class 26A4** rated at AA (sf)
-- $7.0 million Class 26A5** rated at A (sf)
-- $567.0 thousand Class 26A6** rated at A (sf)
-- $7.0 million Class 26A10** rated at A (sf)

-- $20.6 million Class 27A1* rated at AAA (sf)
-- $469.0 thousand Class 27A2* rated at AA (sf)
-- $469.0 thousand Class 27A3* rated at A (sf)
-- $21.1 million Class 27A4** rated at AA (sf)
-- $21.6 million Class 27A5** rated at A (sf)
-- $938.0 thousand Class 27A6** rated at A (sf)
-- $21.1 million Class 27A10** rated at A (sf)

-- $9.7 million Class 28A1* rated at AAA (sf)
-- $343.0 thousand Class 28A2* rated at AA (sf)
-- $344.0 thousand Class 28A3* rated at A (sf)
-- $10.1 million Class 28A4** rated at AA (sf)
-- $10.4 million Class 28A5** rated at A (sf)
-- $687.0 thousand Class 28A6** rated at A (sf)
-- $10.4 million Class 28A10** rated at A (sf)

-- $11.5 million Class 29A1* rated at AAA (sf)
-- $647.0 thousand Class 29A2* rated at AA (sf)
-- $485.0 thousand Class 29A3* rated at A (sf)
-- $12.1 million Class 29A4** rated at AA (sf)
-- $12.6 million Class 29A5** rated at A (sf)
-- $1.1 million Class 29A6** rated at A (sf)
-- $12.6 million Class 29A10** rated at A (sf)

-- $12.4 million Class 30A1* rated at AAA (sf)
-- $669.0 thousand Class 30A2* rated at AA (sf)
-- $668.0 thousand Class 30A3* rated at A (sf)
-- $13.0 million Class 30A4** rated at AA (sf)
-- $13.7 million Class 30A5** rated at A (sf)
-- $1.3 million Class 30A6** rated at A (sf)
-- $13.7 million Class 30A10** rated at A (sf)

-- $9.7 million Class 31A1* rated at AAA (sf)
-- $537.0 thousand Class 31A2* rated at AA (sf)
-- $536.0 thousand Class 31A3* rated at A (sf)
-- $10.2 million Class 31A4** rated at AA (sf)
-- $10.7 million Class 31A5** rated at A (sf)
-- $1.1 million Class 31A6** rated at A (sf)
-- $10.7 million Class 31A10** rated at A (sf)

-- $15.9 million Class 32A1* rated at AAA (sf)
-- $2.2 million Class 32A2* rated at AA (sf)
-- $2.2 million Class 32A3* rated at A (sf)
-- $18.1 million Class 32A4** rated at AA (sf)
-- $20.3 million Class 32A5** rated at A (sf)
-- $4.4 million Class 32A6** rated at A (sf)

There are 31 groups in this resecuritization trust. DBRS rates securities from 22 groups, each consisting of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within each group and the quality of the underlying assets. Initial Exchangeable securities may be exchanged for Subsequent Exchangeable securities, and vice versa, in the combinations described in the private placement memorandum.

The ratings assigned to the offered 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, 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 and transaction legal 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 business day following the underlying distribution date (generally the 25th of the month), commencing in December 2011. Within each DBRS-rated group, interest payments will be distributed on a pro rata basis to the securities, and principal payments will be distributed on a sequential basis, until the principal balances have been reduced to zero.

Any losses realized from the underlying securities will be allocated in a reverse sequential order within each group, until the principal balances have been reduced to zero.

Each DBRS-rated group is a resecuritization of one seasoned senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMICs are backed by pools of seasoned, prime, Alt-A or option ARM, first lien, fixed- or adjustable-rate, one- to four-family residential mortgages.

Notes:

• denotes Initial Exchangeable Security.
  ** denotes Subsequent Exchangeable Security.

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

The applicable methodology is RMBS Insight: U.S. Residential Mortgage-Backed Securities Loss Model and Rating Methodology, 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.