DBRS Confirms AA (sf) Rating to a Credit Default Swap Entered Into by Commodore CDO IV, Ltd.

DBRS has today confirmed the rating of AA (sf) 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: $38,716,397

This rating did not include issuer participation and is based solely on publicly available information.

The principal 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.