DBRS Removes UR-Developing and Downgrades Class I Swaps of Claris IV Limited - Series 28

DBRS, Inc. (“DBRS”) has downgraded the ratings on the Class I-B Swap and Class I-C Swap issued by Claris IV Limited - Series 28 from BB (sf) to B (high) (sf), and from BB (low) (sf) to B (low) (sf), respectively. These rating actions reflect deterioration in credit quality of the underlying collateral pool. The DBRS ratings of the Class I-B Swap and the Class I-C Swap address the probability of breaching their respective attachment points as defined in the transaction documents at or prior to their maturity dates.

The ratings have also been removed from the Under Review with Developing Implications designation. These actions reflect the conclusion of the review to determine the impact of the updated methodology “Rating Global Structured Finance CDO Restructurings”.

The principal methodology is Rating Global Structured Finance CDO Restructurings, which can be found on our website under Methodologies.

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