DBRS Confirms Ratings and Assigns New Rating of A (low) (sf) to Series 2012-1 Notes Issued by LStreet II, LLC

DBRS, Inc. (DBRS) has today confirmed the rating of A (low) (sf) on the Series 2012-1 Class A-1 Notes and Series 2012-1 Class A-2 Notes, and has also assigned a new rating of A (low) (sf) to the Series 2012-1 Class A-3 Notes (together, the Series 2012-1 Class A Notes) issued by LStreet II, LLC, pursuant to the Second Amended and Restated Series 2012-1 Supplement to the Base Indenture dated as of November 17, 2014. The Series 2012-1 Class A Notes are collateralized the Class A-1A and the Class A-1B Notes of Monroe Harbor CDO 2005-1, Ltd., which is itself collateralized by a pool of sub-prime and Alt-A residential mortgage-backed securities and commercial mortgage-backed securities.

The ratings address (1) the likelihood of the Series 2012-1 Class A noteholders receiving all principal distributions to which such noteholders are entitled and (2) the likelihood of the Series 2012-1 Class A noteholders receiving the amount of Series 2012-1 Class A Interest to which such noteholders are entitled in each case, to the extent payable to the Series 2012-1 Class A Notes in accordance with the priorities of payment outlined in the Amended and Restated Series 2012-1 Supplement to the Base Indenture on or before the Final Maturity Date in December 2040.

For the avoidance of doubt, the above DBRS ratings address the ultimate payment of the Series 2012-1 Class A-1 Principal, Series 2012-1 Class A-2 Principal and Series 2012-1 Class A-3 Principal (initial par of $193,500,000 as of October 18, 2012; $98,750,000 as of October 15, 2013; and $100,000,000 as of November 17 , 2014, respectively), and the timely payment of the Series 2012-1 Class A-1 Interest, the Series 2012-1 Class A-2 Interest and the Series 2012-1 Class A-3 Interest (one-month LIBOR plus 0.25% per annum for all Series 2012-1 Class A Notes).

The DBRS ratings do not address any other amounts which may be paid to the Series 2012-1 Class A noteholders, including but not limited to the Series 2012-1 Class A-1 Additional Amount, Series 2012-1 Class A-2 Additional Amount or Series 2012-1 Class A-3 Additional Amount.

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

The principal methodology is Rating Global Structured Finance CDO Restructurings (October 2012), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.