Press Release

DBRS Morningstar Takes Rating Actions on 57 U.S. RMBS Transactions

RMBS
October 11, 2019

DBRS, Inc. (DBRS Morningstar) reviewed 439 classes from 57 U.S. residential mortgage-backed security (RMBS) transactions. Of the 439 classes reviewed, DBRS Morningstar upgraded three ratings, confirmed 339 ratings and discontinued 97 ratings.

The rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new rating levels. The rating confirmations reflect asset performance and credit-support levels that 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 Morningstar’s application of the “U.S. RMBS Surveillance Methodology” published in September 2018.

The pools backing these RMBS transactions consist of prime, non–qualified mortgage, agency credit, subprime, reperforming and resecuritization of real estate mortgage investment conduit collateral.

The ratings assigned to the securities below differ from the ratings implied by the quantitative model. DBRS Morningstar considers this difference to be a material deviation, but in this case, the ratings of the subject notes reflect additional seasoning being warranted to substantiate a further upgrade or actual deal or tranche performance not being fully reflected in the projected cash flows or model output.

-- Agate Bay Mortgage Trust 2014-2, Mortgage Pass-Through Certificates, Series 2014-2, Class B-4
-- Agate Bay Mortgage Trust 2015-3, Mortgage Pass-Through Certificates, Series 2015-3, Class B-2
-- CSMC Trust 2014-OAK1, Mortgage Pass-Through Certificates, Series 2014-OAK1, Class B-3
-- CSMC Trust 2014-OAK1, Mortgage Pass-Through Certificates, Series 2014-OAK1, Class B-4
-- CSMLT 2015-2 Trust, Mortgage Pass-Through Certificates, Series 2015-2, Class A-IO-S
-- J.P. Morgan Mortgage Trust 2014-OAK4, Mortgage Pass-Through Certificates, Series 2014-OAK4, Class B-4
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust, Mortgage Pass-Through Certificates, Series 2005-AR3, Class B-1
-- LVII Resecuritization Trust 2009-1, Mortgage Resecuritization Notes, Series 2009-1, Class M-4
-- LVII Resecuritization Trust 2009-1, Mortgage Resecuritization Notes, Series 2009-1, Class M-5
-- LVII Resecuritization Trust 2009-1, Mortgage Resecuritization Notes, Series 2009-1, Class M-6

Notes:
The principal methodology is the U.S. RMBS Surveillance Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar 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.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA

Ratings

  • Agate Bay Mortgage Trust 2014-2

  • Agate Bay Mortgage Trust 2015-3

  • Agate Bay Mortgage Trust 2015-4

  • Ameriquest Mortgage Securities Inc., Series 2005-R2

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Asset-Backed Pass-Through Certificate, Series 2005-R2, Class M-2Discontinued--Disc.-Repaid
    US
    More
    Less

  • Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M1Discontinued--Disc.-Repaid
    US
    More
    Less

  • BCAP LLC 2011-RR11 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Resecuritization Trust Securities, Class 27A10Discontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Class 27A2Discontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Class 27A4Discontinued--Disc.-Repaid
    US
    More
    Less

  • BCAP LLC 2012-RR10-I Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Resecuritization Trust Securities, Class 6A2Discontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Class 6A4Discontinued--Disc.-Repaid
    US
    More
    Less

  • BCAP LLC 2012-RR3 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Resecuritization Trust Securities, Series 2012-RR3, Class 4A3ADiscontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Series 2012-RR3, Class 4A3BDiscontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Series 2012-RR3, Class 4A5ADiscontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Series 2012-RR3, Class 4A5BDiscontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Series 2012-RR3, Class 4A6ADiscontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Series 2012-RR3, Class 4A6BDiscontinued--Disc.-Repaid
    US
    More
    Less

  • BCAP LLC 2012-RR6 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Resecuritization Trust Securities, Class 1A3Discontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Class 1A4Discontinued--Disc.-Repaid
    US
    11-Oct-19Resecuritization Trust Securities, Class 1A5Discontinued--Disc.-Repaid
    US
    More
    Less

  • BCAP LLC 2013-RR8 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Resecuritization Trust Securities, Class 4A1AAA (sf)--Upgraded
    US
    11-Oct-19Resecuritization Trust Securities, Class 1A1Discontinued--Disc.-Repaid
    US
    More
    Less

  • BCAP LLC Trust 2007-AA5

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class A-1C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class A-2C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class A-3C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class M-1C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class M-2C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class M-3C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class M-4C (sf)--Confirmed
    US
    11-Oct-19Mortgage Pass-Through Certificates, Series 2007-AA5, Class M-5C (sf)--Confirmed
    US
    More
    Less

  • C-BASS 2004-CB5 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5, Class B-1Discontinued--Disc.-Repaid
    US
    More
    Less

  • C-BASS 2007-MX1 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-MX1, Class A-2Discontinued--Disc.-Repaid
    US
    More
    Less

  • COLT 2016-1 Mortgage Loan Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19COLT 2016-1 Mortgage Pass-Through Certificates, Series 2016-1, Class A-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-1 Mortgage Pass-Through Certificates, Series 2016-1, Class A-1XDiscontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-1 Mortgage Pass-Through Certificates, Series 2016-1, Class A-2Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-1 Mortgage Pass-Through Certificates, Series 2016-1, Class A-2XDiscontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-1 Mortgage Pass-Through Certificates, Series 2016-1, Class M-1Discontinued--Disc.-Repaid
    US
    More
    Less

  • COLT 2016-2 Mortgage Loan Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-1XDiscontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-2Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-2XDiscontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-3Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-4Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class M-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class M-1EDiscontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class M-1XDiscontinued--Disc.-Repaid
    US
    More
    Less

  • COLT 2016-3 Mortgage Loan Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class A-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class A-2Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class A-3Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class B-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class B-2Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class M-1Discontinued--Disc.-Repaid
    US
    More
    Less

  • COLT 2017-1 Mortgage Loan Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class A-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class A-2Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class A-3Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class B-1Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class B-2Discontinued--Disc.-Repaid
    US
    11-Oct-19COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class M-1Discontinued--Disc.-Repaid
    US
    More
    Less

  • CSMC Series 2013-11R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19CSMC Series 2013-11R, 1-A-1Discontinued--Disc.-Repaid
    US
    More
    Less

  • CSMC Series 2015-4R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19CSMC Series 2015-4R, Class 3-A-1Discontinued--Disc.-Repaid
    US
    More
    Less

  • CSMC Trust 2012-CIM1 Mortgage Pass-Through Certificates, Series 2012-CIM1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    11-Oct-19Class A-1Discontinued--Disc.-Repaid
    US
    11-Oct-19Class A-2Discontinued--Disc.-Repaid
    US
    11-Oct-19Class A-IO-1Discontinued--Disc.-Repaid
    US
    11-Oct-19Class A-IO-2Discontinued--Disc.-Repaid
    US
    More
    Less
    • Show More Issuers
Agate Bay Mortgage Trust 2014-2
Agate Bay Mortgage Trust 2015-3
Agate Bay Mortgage Trust 2015-4
Ameriquest Mortgage Securities Inc., Series 2005-R2
Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8
BCAP LLC 2011-RR11 Trust
BCAP LLC 2012-RR10-I Trust
BCAP LLC 2012-RR3 Trust
BCAP LLC 2012-RR6 Trust
BCAP LLC 2013-RR8 Trust
BCAP LLC Trust 2007-AA5
C-BASS 2004-CB5 Trust
C-BASS 2007-MX1 Trust
COLT 2016-1 Mortgage Loan Trust
COLT 2016-2 Mortgage Loan Trust
COLT 2016-3 Mortgage Loan Trust
COLT 2017-1 Mortgage Loan Trust
CSMC Series 2013-11R
CSMC Series 2015-4R
CSMC Trust 2012-CIM1 Mortgage Pass-Through Certificates, Series 2012-CIM1
Show More Issuers
  • 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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DBRS Morningstar Takes Rating Actions on 57 U.S. RMBS Transactions

Oct 11, 2019

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