DBRS Downgrades Seal Rock Offshore Funding, LLC

DBRS has today downgraded the $900 Million Facility (the Facility) issued by Seal Rock Offshore Funding, LLC (Seal Rock) to A (high) from AA (high). The trend has been changed to Negative from Stable. The Facility is collateralized by a portfolio of U.S. high-yield corporate loans. The DBRS rating addresses Seal Rock’s ability to make timely payments of interest and full payment of principal on or before the Facility’s legal maturity date.

The downgrade reflects the deterioration in credit quality of the underlying collateral pool since the transaction was initially assigned a DBRS credit rating on July 7, 2008.

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

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

This is a Structured Finance rating.