DBRS Upgrades $800 Million Facility Issued by FirstLight Funding I, Ltd. to AAA (sf)

DBRS, Inc. (“DBRS”) has today upgraded the $800 Million Facility (“the Facility”) issued by FirstLight Funding I, Ltd. (“FirstLight”) to AAA (sf) from AA (sf). The Facility is collateralized by a portfolio of U.S. high-yield corporate loans. The DBRS rating addresses FirstLight’s ability to make timely payments of interest and full payments of principal on or before the Facility’s legal maturity date.

The upgrade reflects significant paydown of the Facility since the time of our last review on June 17, 2011. The rating has 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).

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.