DBRS Confirms Rating on Credit Default Swap Entered into by Commodore CDO IV, Ltd.

DBRS, Inc. (DBRS) has today confirmed the AA (sf) rating on the counterparty credit risk of Commodore CDO IV, Ltd. (Commodore) with respect to its ability to make any and all payments due under the Credit Default Swap confirmations governed by the ISDA Master Agreement, dated August 19, 2005, between Deutsche Bank AG and Commodore.

Notes:
The applicable methodology is Rating Global Structured Finance CDO Restructuring, which can be found on our website under Methodologies.

The rated entity or its related entities did not participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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