DBRS Assigns Rating of A (low) (sf) to the LStreet II Series 2012-12 Class A-1A Notes

DBRS, Inc. (DBRS) has today assigned a rating of A (low) (sf) to the Series 2012-12 Class A-1A Notes (the Series 2012-12 Class A Notes), issued by LStreet II, LLC pursuant to the Fourth Amended and Restated Series 2012-12 Supplement, dated as of April 5 2017. The Series 2012-12 Class A Notes are collateralized by the Class A1S Notes of Margate Funding I, Ltd., which is itself collateralized by a pool of subprime and Alt-A residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and collateralized loan obligations.

The rating addresses the (1) the likelihood of the receipt by the Series 2012-12 Class A Noteholders of all principal distributions to which such Noteholders are entitled, and (2) the likelihood of the receipt by the Series 2012-12 Class A Noteholders of the amount of Series 2012-12 Class A Interest to which such Noteholders are entitled in each case to the extent payable to the Series 2012-12 Class A Notes in accordance with the priorities of payment outlined in the Series 2012-12 Supplement to the Base Indenture, on or before the Final Maturity Date in December 2044.

For the avoidance of doubt, the above DBRS rating addresses the ultimate payment of the Series 2012-12 Class A Principal (initial par of $45,000,000) and the timely payment of the Series 2012-12 Class A Interest (USD three-month LIBOR plus 0.33% per annum). The DBRS rating does not address any other amounts that may be paid to the Series 2012-12 Class A Noteholders, including, but not limited to, the Series 2012-12 Additional Amount.

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

The principal methodology is Rating Structured Finance CDO Restructurings, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

This rating was not initiated at the request of the rated entity.

The rated entity or its related entities did not participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.
 
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