DBRS Confirms AAA (sf) Rating on Class A Secured Floating Rate Notes issued by Northern Blue 2009 SA

DBRS, Inc. (“DBRS”) has today confirmed the rating of AAA (sf) on the EUR 755,600,000 Class A Secured Floating Rate Notes (the “Class A Notes”) issued by Northern Blue 2009 S.A. (the “Issuer”). The transaction is a cashflow securitisation collateralized primarily by a portfolio of loans and other corporate debt obligations originated by HSH Nordbank AG to German small-and medium-sized enterprises (“SMEs”). The rating addresses the full and timely payment of interest and principal payable to the Class A Notes on or before the Final Maturity Date of June 2035.

The rating action reflects the 7 February 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 AAA (sf) rating of the Class A Notes is based on the assessment of the credit quality of the investments permitted under the terms of transaction documents and cashflow mechanics within the transaction.

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

The sources of information used for this rating include the parties involved in the rating including but not limited to HSH Nordbank AG as originator and servicer. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please see www.dbrs.com/issuer/17758.

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

Lead Analyst: Glen Leppert
Surveillance Analyst: Ryan O’Shea
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 28 February 2011
Most Recent Rating Update: 28 February 2011

Note:
All figures are in Euros unless otherwise noted.