DBRS Rates RBSSP Resecuritization Trust 2012-1

DBRS, Inc. has today assigned the following ratings to the Resecuritization Trust Securities, Series 2012-1 issued by RBSSP Resecuritization Trust 2012-1 (the Trust).

-- $8.7 million Class 1-A rated at AA (sf)
-- $3.0 million Class 2-A rated at AAA (sf)
-- $5.2 million Class 3-A rated at AAA (sf)

There are a total of five groups in this resecuritization trust. DBRS rates Groups 1, 2 and 3, each consisting of one previously issued seasoned senior residential mortgage-backed security (RMBS). Within the DBRS-rated groups, the ratings on the securities reflect the credit enhancement provided by subordination and the quality of the underlying assets.

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 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 day of each month), commencing in February 2012. Within each DBRS-rated group, 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 only to the offered certificates until the class principal balances have been reduced to zero.

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

Note:
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.