Press Release

DBRS Takes Rating Actions on Two U.S. RMBS Transactions

RMBS
January 11, 2018

DBRS, Inc. (DBRS) reviewed 59 classes from two U.S. residential mortgage-backed securities (RMBS) transactions. Of the 59 classes reviewed, DBRS confirmed 36 ratings, upgraded 13 ratings and discontinued ten ratings.

The rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new rating levels. For transactions where the ratings have been confirmed, current asset performance and credit support levels are consistent with the current ratings. The discontinued ratings are the result of full repayment of principal to bondholders.

The rating actions are the result of DBRS’s application of “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology,” published on April 4, 2017.

The transactions consist of U.S. RMBS transactions. The pools backing these transactions consist of prime, Alt-A and subprime collateral.

The ratings assigned to the following securities differ from the ratings 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.

-- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class I/II-M3
-- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M1
-- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M2
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 1-A4
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 9-A4

Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on dbrs.com under Methodologies.

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

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

Ratings

  • Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R

  • Long Beach Mortgage Loan Trust 2005-WL1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M2AA (high) (sf)--Upgraded
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M3A (low) (sf)--Upgraded
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M1BB (high) (sf)--Upgraded
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-B1C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-B2C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M10C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M4C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M5C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M6C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M7C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M8C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class I/II-M9C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-B1C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-B2C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-B3C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M2C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M3C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M4C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M5C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M6C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M7C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M8C (sf)--Confirmed
    US
    11-Jan-18Asset-Backed Certificates, Series 2005-WL1, Class III-M9C (sf)--Confirmed
    US
    More
    Less
Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AA (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:A (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:BBB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:BBB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:BB (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:B (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:B (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Disc.-Repaid
  • Ratings:Discontinued
  • Trend:--
  • Rating Recovery:
  • Issued:US
Long Beach Mortgage Loan Trust 2005-WL1
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:AA (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:A (low) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Upgraded
  • Ratings:BB (high) (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • Date Issued:Jan 11, 2018
  • Rating Action:Confirmed
  • Ratings:C (sf)
  • Trend:--
  • Rating Recovery:
  • Issued:US
  • 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

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