DBRS Changes Trend to Negative on FirstLight Funding I, Ltd.

DBRS has today changed the trend on the $800 Million Facility (the Facility) issued by FirstLight Funding I, Ltd. (FirstLight) to Negative from Stable. The Facility is collateralized by a portfolio of U.S. high-yield corporate loans. The DBRS rating addresses FirstLight’s ability to make timely payments of interest and full payment of principal on or before the Facility’s legal maturity date.

The change in trend reflects the deterioration in credit quality of the underlying collateral pool since the transaction was initially assigned a DBRS rating on July 1, 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.