DBRS Confirms AA (high) Rating on Serengeti Loxodon Overseas I Ltd.

DBRS has today confirmed its rating of AA (high) to the $250 Million Facility (the Facility) issued by Serengeti Loxodon Overseas I Ltd. (Serengeti Overseas) that is collateralized by a portfolio of U.S. high-yield corporate loans. The DBRS rating addresses the ability of Serengeti Overseas to make timely payments of interest and the final payment of principal on the Facility’s legal maturity date.

The confirmation of the AA (high) rating reflects the observed performance of both the collateral pool and the structural mechanics since the transaction was initially assigned a DBRS rating on August 6, 2008.

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

The applicable methodology is Rating Global High Yield Securitizations, Structured Loans, and Tranched Credit Derivatives, which can be found under our website under Methodologies.

This is a Structured Finance rating.