DBRS Confirms and Withdraws Ratings of Potential Interest Rate Swap Termination Payments of Kodiak

DBRS, Inc. (“DBRS”) has today confirmed the ratings of the Interest Rate Swap Termination Payments, including all the interest due (“Potential Termination Payment”), which may be owed to the Interest Rate Swap Counterparty (“Swap Counterparty”) under an Event of Default, where Kodiak CDO I Ltd. (“Kodiak”) is the sole defaulting party due to a Failure to Pay or Deliver as defined in Section 5(a)(i) of the ISDA Master Agreement (“Agreement”) executed on September 19, 2006, between Kodiak and the Swap Counterparty.

DBRS has also today discontinued the ratings on the Interest Rate Swap Ref. 1391852B and on the Interest Rate Swap Ref. 1594788B. This action reflects the maturity of the interest rate swaps as anticipated on August 7, 2011, and January 30, 2012, respectively.

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.

The principal methodology is Rating Methodology for CLOs and CDOs of Large Corporate Credit, which can be found on www.dbrs.com.

The sources of information used for this rating include the Interest Rate Swap Counterparty. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

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