DBRS Assigns AAA (sf) Ratings to the Class A-R & Class A-1T Loans of Tennenbaum Senior Loan SPV, LLC

DBRS, Inc. (“DBRS”) has today assigned ratings of AAA (sf) to the Class A-R Loans and Class A-1T Loans of Tennenbaum Senior Loan SPV, LLC, pursuant to the Credit Agreement dated as of December 31, 2012. Tennenbaum Senior Loan SPV, LLC is collateralized primarily by a portfolio of U.S. middle market corporate loans and other corporate obligations and is managed by Tennenbaum Capital Partners, LLC. DBRS’s ratings address Tennenbaum Senior Loan SPV, LLC’s ability to make timely payments of interest and ultimate payments of principal on or before the Stated Maturity of the Loans.

The ratings reflect the following:

(1) The Credit Agreement dated December 31, 2012 and all ancillary documentation.

(2) The integrity of the transaction structure.

(3) DBRS’s assessment of the portfolio quality.

(4) Adequate credit enhancement to withstand projected collateral loss rates under various cash flow stress scenarios.

(5) DBRS’s assessment of the origination, servicing, and CLO management capabilities of Tennenbaum Capital Partners, LLC.

To assess portfolio credit quality, DBRS provides a credit estimate for certain U.S. middle market, non-financial corporate obligors in the portfolio. Credit estimates are not ratings; rather, they represent a model-driven default probability for certain obligors that is used in assigning a rating to the Facility.

The principal methodology is Rating Methodology for CLOs and CDOs of Large Corporate Credit, 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.