DBRS Confirms AAA (sf) Rating on Class A Notes issued by Mesena CLO 2011-1 B.V.

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of AAA (sf) to the EUR 848,381,000 Class A Senior Secured Floating Rate Notes (the “Class A Notes”) for Mesena CLO 2011-1 B.V. (the “Issuer”). The rating has also been removed from Under Review with Developing Implications. The rating on the Class A Notes addresses the timely payment of principal and interest payable to the Class A Notes on or before the Maturity Date on 27 July 2026.

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 rating action also reflects changes made to the transaction pursuant to amendments executed March 2012.

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 Mesena CLO 2011-1 B.V., Banco Español de Credito, S.A. and Deutsche Bank, AG. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Further information on DBRS’s analysis of this transaction will be available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

For additional information on DBRS European CLO and Tranched Credit Derivatives, please see European Disclosure Requirements, located at http://www.dbrs.com/research/237794.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Simon Ross
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 27 September 2011
Most Recent Rating Update: 8 February 2012

Notes:
All figures are in Euros unless otherwise noted.