DBRS Confirms and Removes from UR-Developing the Rating on CDS Entered into by Commodore CDO IV, Ltd.

DBRS, Inc. (“DBRS”) has today confirmed the rating of AA (sf) to the counterparty credit risk of Commodore CDO IV, Ltd. (“Commodore”) with respect to its ability to make any and all payments due under the credit default swap confirmations (“CDS”) governed by the ISDA Master Agreement, dated August 19 2005, between Deutsche Bank AG (“Deutsche Bank”) and Commodore.

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

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

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