DBRS Assigns AA Rating to Confluent Senior Loans Opportunities plc

DBRS has today assigned a rating of AA to the €1,575 Million Class A Floating Rate Senior Secured Variable Funding Notes (“Notes”) issued by Confluent Senior Loans Opportunities plc (“Confluent”). Confluent is collateralized primarily by a portfolio of European and U.S. high-yield corporate loans. The DBRS rating addresses Confluent’s ability to make timely payments of interest and ultimate payments of principal on or before the legal maturity date of the Notes.

The rating reflects the following:

(1) The amended and restated terms of Confluent Senior Loans Opportunities plc, dated as of September 23, 2009.

(2) The integrity of the transaction structure.

(3) DBRS’s assessment of portfolio quality.

(4) Adequate credit enhancement to withstand projected collateral loss rates under various cash flow stress scenarios.

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