DBRS Confirms AAA (sf) Rating on the Class A-R & Class A-1T Loans of Tennenbaum Senior Loan SPV, LLC Pursuant to the October 2013 Amendment

DBRS, Inc. (“DBRS”) has today confirmed the rating of AAA (sf) on the Class A-R Loans and Class A-1T Loans of Tennenbaum Senior Loan SPV, LLC pursuant to the amended Credit Agreement dated October 3, 2013.

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) Amendment No. 1 to the Credit Agreement dated October 3, 2013 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.

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.