Press Release

DBRS Takes Rating Action on U.S. RMBS Securities

RMBS
July 22, 2014

DBRS has today reviewed 183 classes from 21 U.S. residential mortgage-backed security (RMBS) transactions. Of the 183 classes reviewed, 22 classes were upgraded and 161 classes were confirmed. All of the classes reviewed were also removed from Under Review with Developing Implications (see “DBRS Publishes Updated U.S. RMBS Surveillance Methodology and Places Ratings Under Review with Developing Implications,” published on March 3, 2014).

The transactions that have been upgraded have exhibited positive performance trends and have experienced increases in credit support sufficient to withstand stresses at their new rating level. For transactions where the rating has been confirmed, current asset performance and credit support levels have been consistent with the current rating.

The rating actions are the result of DBRS applying its updated “U.S. RMBS Surveillance Methodology” and “RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology.”

The transactions affected by the rating actions consist of U.S. ReREMIC transactions. A majority of the pools backing these transactions consist primarily of prime and Alt-A residential loans.

Notes:
The applicable methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

Ratings

Banc of America Funding 2012-R1 Trust
Banc of America Funding 2012-R2 Trust
Banc of America Funding 2012-R6 Trust
CSMC Series 2013-12R
CSMC Series 2013-14R
CSMC Series 2013-3R
CSMC Series 2013-9R
CSMC Series 2014-1R
Citigroup Mortgage Loan Trust 2013-11
Citigroup Mortgage Loan Trust 2013-12
Citigroup Mortgage Loan Trust 2013-2
Citigroup Mortgage Loan Trust 2013-6
Citigroup Mortgage Loan Trust 2013-7
Citigroup Mortgage Loan Trust 2013-8
Citigroup Mortgage Loan Trust 2013-9
Morgan Stanley Re-REMIC Trust 2013-R1
Morgan Stanley Re-REMIC Trust 2013-R3
Morgan Stanley Re-REMIC Trust 2013-R4
Morgan Stanley Re-REMIC Trust 2013-R8
Morgan Stanley Resecuritization Trust 2013-R10
Show More Issuers
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.