DBRS Confirms Rating of Master Asset Vehicle I Class B Notes at BBB (low) (sf)

DBRS has today confirmed the rating of the Class B Notes (the Class B Notes) issued by Master Asset Vehicle I (MAVI) at BBB (low) (sf). The Class B Notes were issued by MAVI as part of the Montréal Accord restructured asset-backed commercial paper on January 21, 2009. The Class B Notes are backed by various types of assets, including structured synthetic investments (such as levered and fully funded collateralized debt obligations) as well as other non-levered, non-synthetic traditional structured finance assets.

DBRS currently rates the Class A-1 and Class A-2 Notes issued by MAVI (collectively, the Class A Notes and together with the Class B Notes, the MAVI Notes) and has published detailed rating reports and press releases summarizing the rating rationale and rating considerations for the Class A Notes. The MAVI rating reports and Class A Notes press releases have been updated periodically since the Class A Notes were issued, and are available at www.dbrs.com.

The rating on the Class B Notes has been assigned based generally on the same rating rationale and rating considerations as the Class A Notes, other than the amount of subordination available to the Class B Notes. As indicated in the MAVI rating reports and press releases issued by DBRS to date, the ratings on the MAVI Notes are limited by certain legal and structural elements of the transaction.

This rating has been assigned at the request of an investor.

Notes:
The applicable principal methodologies are Rating Methodology for CLOs and CDOs of Large Corporate Credit and Canadian Surveillance Methodology for CDOs of Large Corporate Credit, which can be found on our website under Methodologies.