DBRS Takes Rating Actions on U.S. RMBS Securities

DBRS, Inc. (DBRS) has today reviewed 234 classes from 36 U.S. residential mortgage-backed security (RMBS) transactions. Of the 234 classes reviewed, 99 ratings were confirmed and 135 ratings were upgraded.

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. Rating confirmations reflect current asset performance and credit support levels that have been consistent with the current rating.

The rating actions are the result of DBRS applying its updated “RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology” (see “DBRS Publishes RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model And Rating Methodology,” published on November 28, 2016).

The transactions consist of U.S. Re-REMIC transactions. The pools backing these transactions consist of Alt-A and Prime Jumbo collateral.

The ratings assigned to the following securities differ from the rating(s) implied by the quantitative model. DBRS considers this difference to be a material deviation but, in this case, the ratings of the subject notes reflect the structural features and historical performance that constrain the quantitative model output.

-- BCAP LLC 2010-RR2 Trust, Resecuritization Trust Securities, Class II-A9
-- BCAP LLC 2010-RR2 Trust, Resecuritization Trust Securities, Class VII-A7
-- BCAP LLC 2010-RR2 Trust, Resecuritization Trust Securities, Class VII-A9
-- BCAP LLC 2010-RR2 Trust, Resecuritization Trust Securities, Class VII-A12
-- CSMC Series 2014-6R, CSMC Series 2014-6R, 5-A-1
-- Deutsche Mortgage & Asset Receiving Corporation Re-REMIC Trust 2014-RS1, Re-REMIC Pass-Through Certificates, Series 2014-RS1, Class 1A1
-- Deutsche Mortgage & Asset Receiving Corporation Re-REMIC Trust 2014-RS1, Re-REMIC Pass-Through Certificates, Series 2014-RS1, Class 3A1
-- Morgan Stanley Re-REMIC Trust 2013-R8, Re-REMIC Pass-Through Certificates, Series 2013-R1, Class 2-A3
-- Morgan Stanley Re-REMIC Trust 2013-R8, Re-REMIC Pass-Through Certificates, Series 2013-R1, Class 2-A
-- Morgan Stanley Re-REMIC Trust 2013-R8, Re-REMIC Pass-Through Certificates, Series 2013-R1, Class 12-A3
-- Morgan Stanley Re-REMIC Trust 2013-R8, Re-REMIC Pass-Through Certificates, Series 2013-R1, Class 12-A
-- Morgan Stanley Resecuritization Trust 2014-R4, Resecuritization Pass-Through Certificates, Series 2014-R4, Class 2-A4
-- Morgan Stanley Resecuritization Trust 2014-R4, Resecuritization Pass-Through Certificates, Series 2014-R4, Class 3-A4
-- Morgan Stanley Resecuritization Trust 2014-R4, Resecuritization Pass-Through Certificates, Series 2014-R4, Class 4-A4
-- Morgan Stanley Resecuritization Trust 2014-R4, Resecuritization Pass-Through Certificates, Series 2014-R4, Class 2-A
-- Morgan Stanley Resecuritization Trust 2014-R4, Resecuritization Pass-Through Certificates, Series 2014-R4, Class 3-A
-- Morgan Stanley Resecuritization Trust 2014-R4, Resecuritization Pass-Through Certificates, Series 2014-R4, Class 4-A
-- Nomura Resecuritization Trust 2014-3R, Resecuritization Trust Securities, Class 3A2

Notes:
The principal 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 dbrs.com under Methodologies.

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