DBRS Confirms AA (sf) Rating of CDS Entered into by Static Residential CDO 2005-A Ltd.

DBRS, Inc. (DBRS) has today confirmed the AA (sf) rating on the counterparty credit risk of Static Residential CDO 2005-A Ltd. (START 2005-A) with respect to its ability to make any and all payments due under the Credit Default Swap (CDS) confirmation governed by the ISDA Master Agreement, dated June 28, 2005, between Deutsche Bank AG (Deutsche Bank) and START 2005-A.

This rating reflects the various forms of cash collateralization held by START 2005-A, as well as the position of Deutsche Bank as CDS counterparty within the legal structure of START 2005-A. The DBRS rating addresses the ultimate payment of the above-referenced payments until the Scheduled Termination Date of the CDS.

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

The applicable methodology is Rating Global Structured Finance CDO Restructurings (June 2015), which can be found on our website under Methodologies.

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

This rating was not initiated at the request of the rated entity.

The rated entity or its related entities did not participate in the rating process. DBRS did have access to the accounts and other relevant internal documents of the rated entity or its related entities.