DBRS Takes Rating Action on U.S. RMBS Securities

DBRS has today reviewed 427 classes from 46 U.S. residential mortgage-backed security (RMBS) transactions. Of the 427 classes reviewed, 364 classes were confirmed, and 63 classes were upgraded. Of the confirmed classes, seven of the classes were discontinued-repaid due to full principal repayment to bondholders. 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 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.

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.”

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.