DBRS Rates RBSSP Resecuritization Trust 2009-13

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2009-13 issued by RBSSP Resecuritization Trust 2009-13 (the Trust).

-- $10.3 million Class 1-A1* rated at A
-- $8.3 million Class 1-A3** rated at AAA
-- $9.2 million Class 1-A5** rated at AA
-- $14.1 million Class 6-A1 rated at A

There are a total of 11 groups in this resecuritization trust. DBRS rates Groups 1 and 6, each consisting of one seasoned senior residential mortgage-backed securities (RMBS), CSMC 2006-8 Class 4-A-1 and AAA Trust 2007-2 Class A-1 respectively. Within each group, the ratings on the securities reflect the credit enhancement provided by subordination. The ratings also reflect the quality of the underlying securities. The Initial Exchangeable Notes are exchangeable for the Exchangeable Notes and vice versa in the related combinations described in further detail in the private placement memorandum.

Interest and principal payments on the securities will generally be made on the 26th day (or the 28th day relating to group 6) of each month, commencing in January 2010. Within Group 1 interest payments will be distributed on a sequential basis, followed by principal payments on a sequential basis to the notes until the note balances have been reduced to zero. Within Group 6, interest will be distributed on a sequential basis to the securities, provided that interest payments to Class 6-A2 will be distributed as principal to Class 6-A1 until the 6-A1 has been reduced to zero. Principal within Group 6 will be distributed on a sequential basis until the class balances have been reduced to zero.

Any losses realized from the underlying securities will be allocated reverse sequentially within each group until the class principal balances have been reduced to zero.

The Trust is a resecuritization consisting of 11 senior RMBS securities represented by 10 real estate mortgage investment conduits (REMICs) and one resecuritization. Within the DBRS-rated groups, group 1 is a REMIC trust backed primarily by a pool of seasoned prime, first lien, one- to four-family residential mortgages. Group 6 is a resecuritization backed by 37 mostly subprime senior RMBS securities.

Note:

• denotes Initial Exchangeable Note.
  ** denotes Exchangeable Note.

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

The applicable methodology is Rating U.S. Residential Mortgage-Backed Securities Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.