DBRS Confirms Ratings on Revelstoke CDO I Limited

DBRS Limited (DBRS) confirmed the ratings of Revelstoke CDO I Limited (the Transaction) as follows:

-- Class A-1 Senior Variable Rate Secured Notes due 2020 (Class A-1 Notes) rated CC (sf)
-- Class A-2 Senior Variable Rate Secured Notes due 2026 (Class A-2 Notes) rated C (sf)
-- Class A-3 Senior Variable Rate Secured Notes due 2033 (Class A-3 Notes) rated C (sf)

The Transaction is exposed to pools of U.S. non-prime residential mortgages as well as other collateralized debt obligations backed by residential mortgages, among other assets. Because of the decreasing quality of the underlying portfolio, DBRS expects that the Class A-1 Notes will have a partial recovery of principal, and it is expected that holders of both the Class A-2 Notes and the Class A-3 Notes will not receive any return of initial principal over the remaining term of the Transaction.

DBRS will release further updates on www.dbrs.com as appropriate.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The principal methodologies are Rating CLOs and CDOs of Large Corporate Credit (Jan. 2018) and Canadian Surveillance Methodology for CDOs of Large Corporate Credit (Dec. 2017), which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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