DBRS Confirms Ratings and Assigns New Rating of A (low) (sf) to LStreet II, LLC Series 2012-15 Notes

DBRS, Inc. (DBRS) has today confirmed the rating of A (low) (sf) on the Series 2012-15 Class A-1 Notes and Series 2012-15 Class A-2 Notes, and has also assigned a new rating of A (low) (sf) to the Series 2012-15 Class A-3 Notes (together, the Series 2012-15 Class A Notes) issued by LStreet II, LLC, pursuant to the Second Amended and Restated Series 2012-15 Supplement to the Base Indenture dated as of January 20, 2015. The Series 2012-15 Class A Notes are collateralized by the Class A-1 Notes of Summer Street 2005-HG1, Ltd., which is itself collateralized primarily by a pool of subprime and Alt-A residential mortgage-backed securities.

The ratings address (1) the likelihood of the Series 2012-15 Class A noteholders receiving all principal distributions to which such noteholders are entitled and (2) the likelihood of the Series 2012-15 Class A noteholders receiving the amount of Series 2012-15 Class A Interest to which such noteholders are entitled in each case, to the extent payable to the Series 2012-15 Class A Notes in accordance with the priorities of payment outlined in the Amended and Restated Series 2012-15 Supplement to the Base Indenture on or before the Final Maturity Date in December 2045.

For the avoidance of doubt, the above DBRS ratings address the ultimate payment of the Series 2012-15 Class A-1 Principal, Series 2012-15 Class A-2 Principal and Series 2012-15 Class A-3 Principal (initial par of $64,000,000 as of December 18, 2012; $24,000,000 as of March 21, 2014; and $17,000,000 as of January 22, 2015, respectively), and the timely payment of the Series 2012-15 Class A-1 Interest, the Series 2012-15 Class A-2 Interest and the Series 2012-15 Class A-3 Interest (three-month LIBOR plus 0.23% per annum for all Series 2012-15 Class A Notes).

The DBRS ratings do not address any other amounts that may be paid to the Series 2012-15 Class A noteholders, including but not limited to the Series 2012-15 Class A-1 Additional Amount, Series 2012-15 Class A-2 Additional Amount or Series 2012-15 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, which can be found on our website under Methodologies.

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

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

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