Press Release

DBRS Places 22 Ratings from 11 CLOs of Corporate Credit Under Review with Developing Implications

Structured Credit

February 08, 2012

DBRS, Inc. (“DBRS”) has today placed twenty two ratings Under Review with Developing Implications from the following eleven CLOs and CDOs backed by non-granular portfolios of large corporate obligors.
• A5 Funding L.P.
• Confluent Senior Loans Opportunities plc
• DC Funding SPV, L.L.C.
• FirstLight Funding I, Ltd.
• Ivy Hill Senior Debt Funding 2007-1
• JFIN Funding LLC
• Kodiak CDO I, Ltd.
• Melepard CDO 1 Limited
• Prado CDO, Ltd.
• Quinten Road Funding LLC
• Credit and Repackaged Securities Limited Series 2007-19 Trust

The rating actions reflect the February 7, 2012, release of an updated methodology to rate and monitor collateralized loan obligations (“CLOs”) and collateralized debt obligations (“CDOs”) backed by non-granular portfolios of large corporate credits.

DBRS will undertake a review to determine the impact of the updated methodology on a transaction-by-transaction basis and will publish updated rating actions that may either result in an upgrade, confirmation or downgrade.

The principal methodology that will be used is “Rating Methodology for CLOs and CDOs of Large Corporate Credit”, which can be found on the DBRS website under Methodologies.

Note:
All figures are in US Dollars unless otherwise noted.

Ratings

A5 Funding L.P.

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Class A-R Loans	AA (low) (sf)	--	UR-Dev.	US E
08-Feb-12	Class A-T Loans	AA (low) (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Class A Notes	AA (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	US$200,000,000 Leveraged Multi-Swap Notes Due June 20, 2013	AAA (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Revolving Credit Facility	AA (high) (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	$800 Million Facility	AA (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	$416.67 Million Facility	AAA (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Syndicated Loans	AA (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Interest Rate Swap Ref. 1371782B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1391852B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1408478B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1417652B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1454799B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1463072B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1498014B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1594788B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1609434B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1644869B	AA (sf)	--	UR-Dev.	US
08-Feb-12	Interest Rate Swap Ref. 1664889B	AA (sf)	--	UR-Dev.	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Class A	AAA (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	Interest Rate Swap	AA (high) (sf)	--	UR-Dev.	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
08-Feb-12	$325 Million Facility	A (high) (sf)	--	UR-Dev.	US E

A5 Funding L.P.

Class A-R Loans

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A-T Loans

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:USE

Confluent Senior Loans Opportunities p.l.c.

Class A Notes

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Credit and Repackaged Securities Limited Series 2007-19 Trust

US$200,000,000 Leveraged Multi-Swap Notes Due June 20, 2013

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

DC Funding SPV, L.L.C.

Revolving Credit Facility

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

FirstLight Funding I, Ltd.

$800 Million Facility

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Ivy Hill Senior Debt Funding 2007-1

$416.67 Million Facility

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

JFIN Funding LLC

Syndicated Loans

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Kodiak CDO I Ltd.

Interest Rate Swap Ref. 1371782B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1391852B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1408478B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1417652B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1454799B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1463072B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1498014B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1594788B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1609434B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1644869B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Interest Rate Swap Ref. 1664889B

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Melepard CDO 1 Limited

Class A

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Prado CDO Ltd.

Interest Rate Swap

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Quinten Road Funding LLC

$325 Million Facility

Date Issued:Feb 8, 2012
Rating Action:UR-Dev.
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

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