DBRS Downgrades and Removes from UR-Dev the Amended TRS Re: Lincoln Avenue ABS CDO, Class A-1 Notes

DBRS, Inc. (“DBRS”) has today downgraded to BB (sf) the rating on the amended total return swap (TRS) notional balance of $35,000,000 referencing Lincoln Avenue ABS CDO, Ltd.’s Class A-1 Notes. This rating action reflects deterioration of the underlying collateral pool and decreased credit enhancement levels. In addition, the rating action addresses changes made to the transaction pursuant to the amendment dated November 16, 2012. The DBRS rating addresses the ultimate return of interest and principal of the TRS on or before the legal final maturity of the Class A-1 Notes, taking into account the Credit Enhancement.

The rating has also been removed from the Under Review with Developing Implications designation. This action reflects the conclusion of the review to determine the impact of the updated methodology “Rating Global Structured Finance CDO Restructurings”.

The primary methodology is the Rating US & European Structured Finance CDO Restructurings Methodology, which can be found on our website under Methodologies.

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