Press Release

DBRS Takes Rating Actions on U.S. RMBS Securities

RMBS
April 29, 2016

DBRS, Inc. (DBRS) has today reviewed 148 classes from 20 U.S. residential mortgage-backed security (RMBS) transactions. Of the 148 classes reviewed, 33 classes were upgraded, 95 classes were confirmed and 20 classes were discontinued due to full principal repayment to the bondholders.

The rating upgrades reflect positive performance trends and that these classes 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 transactions consist of U.S. re-securitization of real estate mortgage investment conduit (ReREMIC) transactions. The pools backing these transactions consist of ReREMIC, Option Arm, Alt-A, Prime and Subprime collateral.

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.

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

Ratings

APS Resecuritization Trust 2015-3
Banc of America Funding 2015-R4 Trust
CSMC Series 2015-4R
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2008-RS1
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2008-RS2
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2008-RS3
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2009-RS6
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2010-RS1
J.P. Morgan Resecuritization Trust, Series 2010-1
J.P. Morgan Resecuritization Trust, Series 2010-2
J.P. Morgan Resecuritization Trust, Series 2010-5
J.P. Morgan Resecuritization Trust, Series 2010-7
Jefferies Resecuritization Trust 2009-R4
Jefferies Resecuritization Trust 2009-R8
Jefferies Resecuritization Trust 2009-R9
Jefferies Resecuritization Trust 2010-R8
Morgan Stanley Re-REMIC Trust 2010-R3
Morgan Stanley Re-REMIC Trust 2010-R9
Morgan Stanley Resecuritization Trust 2015-R2
Nomura Resecuritization Trust 2015-5R
  • 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.