DBRS Confirms Ratings on Gemino Healthcare Funding, LLC

DBRS, Inc. (DBRS) has confirmed its rating on the following facilities:

•US$100 million maximum facility amount issued by Gemino Healthcare Funding, LLC, which closed April 2007 rated at “A” (sf).

The rating confirmation has been issued following amendments to certain financial covenants of the originator/servicer as detailed in the First Amendment to A&R Master Indenture and A&R Indenture Supplement. The transaction is performing within DBRS expectations.

The facility provides financing to the activities of Gemino Healthcare Finance, LLC. Gemino is in the business of providing asset-based and term loans exclusively to middle market healthcare service providers throughout the United States.

The underlying collateral for these facilities are primarily asset-based loans and factoring loan receivables.

The transaction is serviced by Gemino Healthcare Finance, LLC, with backup servicing being provided by Wells Fargo Bank, National Association. These transactions are funded by WestLB AG.

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

The applicable methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.