DBRS Confirms and Assigns Ratings of A (low) (sf) to the Notes Issued by LStreet II Series 2012-14

DBRS, Inc. (“DBRS”) has today confirmed the rating of A (low) (sf) on the Series 2012-14 Class A-1 Notes, previously referred to as the “Series 2012-14 Class A Notes,” and has also assigned a rating of A (low) (sf) to the Series 2012-14 Class A-2 Notes (together the “Series 2012-14 Class A Notes”) issued pursuant to the Amended and Restated Series 2012-14 Supplement to the Base Indenture dated as of December 12, 2012. The Series 2012-14 Class A Notes are collateralized by the Class A-1V, Class A-1NVA, and the Class A-1NVB Notes of Orient Point CDO, Ltd., which is itself collateralized by a pool of sub-prime and Alt-A residential mortgage-backed securities (“RMBS”).

The ratings address (i) the likelihood of the receipt by the Series 2012-14 Class A Noteholders of all principal distributions to which such Noteholders are entitled, and (ii) the likelihood of the receipt by the Series 2012-14 Class A Noteholders of the amount of Series 2012-14 Class A Interest to which such Noteholders are entitled in each case to the extent payable to the Series 2012-14 Class A Notes in accordance with the priorities of payment outlined in the Amended and Restated Series 2012-14 Supplement to the Base Indenture, on or before the Final Maturity Date in October 2045.

For the avoidance of doubt, the above DBRS ratings address the ultimate payment of the Series 2012-14 Class A-1 Principal (initial par of $78,000,000) and the timely payment of the Series 2012-14 Class A-1 Interest (USD 3 Month LIBOR plus 0.27% per annum), and the ultimate payment of Series 2012-14 Class A-2 Principal (initial par of $32,000,000) and the timely payment of the Series 2012-14 Class A-2 Interest (USD 3 Month LIBOR plus 0.27% per annum). The DBRS ratings do not address any other amounts which may be paid to the Series 2012-14 Class A Noteholders, including but not limited to, the Series 2012-14 Class A-1 Additional Amount or Series 2012-14 Class A-2 Additional Amount.

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

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

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