DBRS Upgrades Rating of Class A Notes Issued by Loan Investments B.V. from AA (high) to AAA

DBRS, Inc. (“DBRS”) has today upgraded the rating of the Class A Senior Deferrable Interest Floating Rate Notes (the “Class A Notes”) issued by Loan Investments B.V. (the “Issuer”) from AA (high) (sf) to AAA (sf). The rating addresses the timely payment of interest and principal payable to the Class A Notes.

DBRS has upgraded the rating on the Class A Notes based on its assessment of the credit quality of the investments permitted under the terms of transaction documents, and the redemption of EUR 69,000,000 of the Class A notes specified in the Notice of Partial Redemption dated 03 January 2013. Following the redemption the remaining EUR 227,400,000 Class A Notes will be supported by EUR 396,500,000 Subordinated Notes. DBRS does not rate the Subordinated Notes.

The Issuer is a collateralized loan obligation (CLO) which closed in March 2008. The transaction is collateralized by a portfolio of secured and unsecured leveraged and corporate loans and other corporate debt obligations extended to European borrowers. Reinvestment of certain principal proceeds is permitted until the reinvestment period ends in July 2014. NIBC Bank N.V. acts as the Investment Manager.

The rating action also reflects the 28 November 2012 release of an updated methodology (Mapping Financial Institution Internal Ratings to DBRS Ratings for Structured Credit Transactions) to conduct a rating mapping of NIBC Banks N.V.’s internal ratings to DBRS ratings in order to ascertain the credit quality for investments permitted by the Issuer.

The principal methodologies applicable are “Rating Methodology for CLOs and CDOs of Large Corporate Credit” and “Mapping Financial Institution Internal Ratings to DBRS Ratings for Structured Credit Transactions”, which can be found on www.dbrs.com.

The sources of information used for this rating include NIBC Bank N.V. as investment manager. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Lead Analyst: Glen Leppert
Surveillance Analyst: Omesh Lal Shrestha
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 4 February 2011
Most Recent Rating Update: 16 July 2012

Notes:
All figures are in EUR unless otherwise noted.