Press Release

DBRS Takes Rating Action on U.S. RMBS Securities

RMBS
September 05, 2014

DBRS has today reviewed 423 classes from 46 U.S. residential mortgage-backed security (RMBS) transactions. Of the 423 classes reviewed, 71 were upgraded, 321 classes were confirmed and 14 classes were downgraded. Of the confirmed classes, 17 of the classes were placed as 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 downgrades taken reflect a combination of the continued erosion of credit support in these transactions as a result of negative trends in delinquency and projected loss activity.

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.

Ratings

2009-1 Note Issuer LLC
ASG Resecuritization Trust 2009-1
ASG Resecuritization Trust 2009-2
ASG Resecuritization Trust 2009-5
Banc of America Funding 2009-R6 Trust
CSMC Series 2007-3R
CSMC Series 2009-14R
CSMC Series 2009-2R
CSMC Series 2009-3R
CSMC Series 2009-8R
CSMC Series 2010-12R
CSMC Series 2010-18R
CSMC Series 2011-14R
CSMC Series 2013-8R
Citigroup Mortgage Loan Trust 2009-10
Citigroup Mortgage Loan Trust 2009-11
Citigroup Mortgage Loan Trust 2009-12
Citigroup Mortgage Loan Trust 2009-2
Citigroup Mortgage Loan Trust 2009-4
Citigroup Mortgage Loan Trust 2009-5
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  • 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.