DBRS Assigns AA (sf) Rating to the Loans of Cerberus ICQ Levered LLC

DBRS, Inc. (“DBRS”) has today assigned a rating of AA (sf) to the Loans contemplated to be issued under Cerberus ICQ Levered LLC up to a Total Commitment of $150,000,000 pursuant to the Credit Agreement dated as of February 27, 2014. The Loans will be collateralized primarily by a portfolio of U.S. middle market corporate loans and other corporate obligations. Cerberus ICQ Levered LLC is serviced by Cerberus ICQ Levered Loan Opportunities Fund, L.P., an affiliate of Cerberus Capital Management II, L.P. The DBRS rating addresses Cerberus ICQ Levered LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date (as defined in the Credit Agreement referred to above).

The rating reflects the following:

(1) The Credit Agreement dated February 27, 2014.

(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 Cerberus Capital Management II, L.P.

To assess portfolio credit quality, DBRS provides a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio, not rated by DBRS. Credit estimates are not ratings; rather they represent a model-driven default probability for each obligor 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.