DBRS Confirms Ratings on Notes Issued by Ambrose 2013-5 and Removes Status from Under Review with Positive and Negative Implications

DBRS, Inc. (DBRS) has today confirmed the ratings on the Class A1, Class A2 and Class B Notes (collectively, the Notes) issued by Ambrose 2013-5 pursuant to the Indenture dated as of July 22, 2013.

DBRS has also removed the Under Review with Negative Implications status from the Class A1 Notes and Class A2 Notes, and the Under Review with Positive Implications status from the Class B Notes. The rating actions reflect the conclusion of the impact review of the updates to the “Rating CLOs and CDOs of Large Corporate Credit” methodology. Updates to the methodology include (a) additional recovery rates for non-investment-grade rating categories and (b) minor updates to country tiers.

The Notes issued by Ambrose 2013-5 are collateralized primarily by a portfolio of investment-grade corporate bonds and structured finance securities. AIG Asset Management (U.S.), LLC acts as the collateral manager for Ambrose 2013-5.

The ratings of the Notes address the timely payment of interest and the ultimate payment of principal on or before the Stated Maturity. The ratings of the Notes do not address any other amounts that may be paid to the noteholders, including, but not limited to, any additional amounts or make-whole payments.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating CLOs and CDOs of Large Corporate Credit (April 2015), which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.