DBRS Confirms Rating of Apex Trust Series A-2016 Notes at BBB (sf)

DBRS has today confirmed the rating of BBB (sf) to the payment of principal on the Series A-2016 Notes issued by Apex Trust on the Final Maturity Date. The rating on the Series A-2013 Notes has been discontinued, as they have been repaid.

Apex Trust is a bankruptcy-remote special-purpose entity, originally established in 1999. The Apex Notes being confirmed today were issued by Apex Trust on May 13, 2008, as part of a restructuring transaction and are backed by various structured synthetic investments (each a leveraged super-senior credit default swap (LSS CDS)).

This rating is an opinion based primarily on the following factors: (1) the current credit rating of the credit intermediary facing Apex Trust under the LSS CDS, (2) the credit quality of the portfolios of the remaining LSS CDS, (3) the remoteness of the possibility of a margin call being made by the credit intermediary under the remaining LSS CDS that would require Apex Trust to obtain funding in addition to the committed funding available to Apex Trust and (4) the current market conditions.

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, both of which can be found on our website under Methodologies.