DBRS Morningstar Discontinues Ratings of the Series 2012-15 Notes Issued by LStreet II, LLC

DBRS, Inc. (DBRS Morningstar) discontinued the ratings of the Series 2012-15 Class A-1 Notes, Series 2012-15 Class A-2 Notes, Series 2012-15 Class A-3 Notes, Series 2012-15 Class A-4 Notes, Series 2012-15 Class A-5 Notes, and Series 2012-15 Class A-6 Notes (collectively, the Class A Notes) issued by LStreet II, LLC. The discontinuation reflects the repayment in full of the Class A Notes.

The Class A Notes were collateralized by the Class A-1 Notes of Summer Street 2005-HG1, Ltd., which was itself collateralized primarily by a pool of subprime and Alt-A residential mortgage-backed securities.

The ratings addressed (1) the likelihood of the Series 2012-15 Class A noteholders receiving all principal distributions, which such noteholders are entitled to, and (2) the likelihood of the Series 2012-15 Class A Noteholders receiving the amount of the Series 2012-15 Class A Interest, which such noteholders were entitled in each case, to the extent payable to the Series 2012-15 Class A Notes in accordance with the priorities of payment outlined in the Amended and Restated Series 2012-15 Supplement to the Base Indenture on or before the Final Maturity Date in December 2045.

For the avoidance of doubt, these DBRS Morningstar ratings addressed the ultimate payment of the Series 2012-15 Class A-1 Principal, Series 2012-15 Class A-2 Principal, Series 2012-15 Class A-3 Principal, Series 2012-15 Class A-4 Principal, Series 2012-15 Class A-5 Principal, and Series 2012-15 Class A-6 Principal (initial par of $64,000,000 as at December 18, 2012; $24,000,000 as at March 21, 2014; $17,000,000 as at January 22, 2015; $18,000,000 as at December 11, 2015; $77,000,000 as at April 24, 2017; and 17,000,000 as of December 6, 2017, respectively), and the timely payment of the Series 2012-15 Class A-1 Interest, Series 2012-15 Class A-2 Interest, Series 2012-15 Class A-3 Interest, Series 2012-15 Class A-4 Interest, Series 2012-15 Class A-5 Interest, and Series 2012-15 Class A-6 Interest (three-month Libor plus 0.23% per annum for all Series 2012-15 Class A Notes).

The DBRS Morningstar ratings did not address any other amounts that may be paid to the Class A noteholders, including, but not limited to, the Series 2012-15 Class A-1 Additional Amount, Series 2012-15 Class A-2 Additional Amount, Series 2012-15 Class A-3 Additional Amount, Series 2012-15 Class A-4 Additional Amount, Series 2012-15 Class A-5 Additional Amount, or Series 2012-15 Class A-6 Additional Amount.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

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

The principal methodology is Rating Structured Finance CDO Restructurings (September 27, 2018) which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had 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.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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