DBRS Upgrades Seal Rock Offshore Funding, L.L.C.

DBRS has today upgraded the Credit Facility (“the Facility”) issued by Seal Rock Offshore Funding, L.L.C. (“Seal Rock”) to A (high) (sf) from A (low) (sf). 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 ultimate payment of principal on or before the Facility’s legal maturity date of March 2015.

The upgrade reflects improvement in credit quality as a result of expedited repayment of the underlying collateral pool since the transaction was last reviewed on August 19, 2010.

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

Note:
All figures are in dollars unless otherwise noted.