Press Release
DBRS Takes Rating Actions on U.S. RMBS Securities
RMBSDBRS, Inc. (DBRS) reviewed 180 classes from 30 U.S. residential mortgage-backed security (RMBS) transactions. Of the 180 classes reviewed, DBRS upgraded 93 ratings, confirmed 49 ratings and discontinued 38 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 a 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. Re-REMIC transactions. The pools backing these transactions consist of prime, Alt-A, subprime, scratch and dent and Option-ARM 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.
-- Deutsche Mortgage & Asset Receiving Corporation Re-REMIC Trust 2014-RS1, Re-REMIC Pass-Through Certificates, Series 2014-RS1, Class 3A1
-- 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
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 ondbrs.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
ASG Resecuritization Trust 2010-1
ASG Resecuritization Trust 2012-1
BCAP LLC 2010-RR1 Trust
BCAP LLC 2010-RR12 Trust
BCAP LLC 2010-RR2 Trust
BCAP LLC 2010-RR8 Trust
BCAP LLC 2010-RR9 Trust
CSMC Series 2012-10R
CSMC Series 2012-2R
CSMC Series 2012-4R
CSMC Series 2013-14R
CSMC Series 2013-3R
CSMC Series 2013-9R
CSMC Series 2014-6R
Canvas Securitization LLC
Citigroup Mortgage Loan Trust 2014-6
Deutsche Mortgage & Asset Receiving Corporation Re-REMIC Trust 2014-RS1
Morgan Stanley Re-REMIC Trust 2012-R1
Morgan Stanley Re-REMIC Trust 2012-R2
Morgan Stanley Re-REMIC Trust 2012-R3
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.
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Contacts
Claire Mezzanotte
Group Managing Director, Global Head of Structured Finance Ratings - Credit Ratings Leadership
+(1) 212 806 3272
claire.mezzanotte@morningstar.com- Sherwin Clarke
Vice President - US RMBS Ratings, Surveillance
+(1) 212 806 3278
sherwin.clarke@morningstar.com - Cathlene H. Hyun
Senior Vice President - US RMBS Ratings, Surveillance
+(1) 212 806 3247
cathlene.hyun@morningstar.com - Jan Buckler
Senior Vice President, Sector Lead - Global Structured Finance Ratings
+(1) 212 806 3925
jan.buckler@morningstar.com