DBRS Confirms Ratings on the Potential Interest Rate Swap Termination Payments Referencing Kodiak CDO I, Ltd. and Removes Under Review with Negative Implications

DBRS, Inc. (DBRS) has today confirmed the following ratings to the Potential Interest Rate Swap Termination Payments, including all the interest due (Potential Termination Payment), which may be owed to the interest rate swap counterparty under an Event of Default, where Kodiak CDO I Ltd. (Kodiak) is the sole defaulting party due to a Failure to Pay or Deliver as defined in section 5(a)(i) of the ISDA Master Agreement executed on September 19, 2006.

DBRS has also removed the Under Review with Negative Implications status on the ratings. 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.

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.