DBRS Confirms Ratings to the Loans Issued by A5 Funding L.P.

DBRS, Inc. (“DBRS”) has today confirmed the ratings of AA (low) (sf) to the Class A-R Loans and the Class A-T Loans issued by A5 Funding L.P. A5 Funding L.P. is collateralized primarily by a portfolio of U.S. middle market corporate loans and other corporate obligations. A5 Funding L.P. is a credit facility managed by A5 Fund Management LLC, an affiliate of Cerberus Capital Management II, L.P. The DBRS ratings address A5 Funding L.P.’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date of May 31, 2018, under the Credit Facility.

The rating actions reflect the February 7, 2012 release of an updated methodology (Rating Methodology for CLOs and CDOs of Large Corporate Credit) to rate and monitor collateralized loan obligations and collateralized debt obligations backed by non-granular portfolios of large corporate credits. The ratings have also been removed from Under Review with Developing Implications (see “DBRS Places 22 Ratings from 11 CLOs of Corporate Credit Under Review with Developing Implications,” published on February 8, 2012).

DBRS assigns private corporate credit estimates to unrated obligors in the portfolio to support its analysis. DBRS’s assessment of the portfolio credit quality is based on the analysis of the worst-case scenario, as outlined in the reinvestment criteria of the transaction’s legal documents

The rating is based on information provided by the Administrative Agent to DBRS to date.

The principal methodology is Rating Methodology for CLOs and CDOs of Large Corporate Credit, which can be found on our website under Methodologies.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

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