DBRS Upgrades Rating to the Credit Default Swap Re: Static Residential CDO 2005-C Ltd.

DBRS, Inc. (“DBRS”) has today upgraded from A (sf) to AA (sf) the rating on 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. This Rating reflects the various forms of cash collateralization held by START 2005-C, as well as Deutsche Bank’s position as CDS Counterparty within the legal structure of START 2005-C. The DBRS rating addresses the timely and full payment of the above referenced payments until the Scheduled Termination Date of the CDS.

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.