DBRS Assigns AA Rating to a Credit Default Swap Entered Into by Commodore CDO IV, Ltd.

DBRS has today assigned a rating of AA to the counterparty credit risk of Commodore CDO IV, Ltd. (“Commodore”) with respect to its ability to make any and all payments due under the credit default swap confirmations (“CDS”) governed by the ISDA Master Agreement, dated August 19 2005, between Deutsche Bank AG (“Deutsche Bank”) and Commodore.

General Terms of the CDS:

Trade Date August 19, 2005
Effective Date: August 19, 2005
Fixed Rate Payer: Deutsche Bank
Floating Rate Payer: Commodore
Total Current Notional: $59,172,969

This Rating reflects the various forms of cash collateralization held by Commodore, as well as the Deutsche Bank’s position as CDS Counterparty within legal structure of Commodore.

The DBRS rating addresses the timely and full payment of the above referenced payments until the Scheduled Termination Date of the CDS.

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

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

This is a Structured Finance rating.