DBRS Morningstar Confirms Rating on Credit Default Swap of Commodore CDO IV, Ltd.

DBRS, Inc. (DBRS Morningstar) confirmed its AA (sf) rating on Commodore CDO IV, Ltd.’s (Commodore) counterparty credit risk 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 (rated A (low) with a Negative trend by DBRS Morningstar) and Commodore.

Notes:
The principal methodology is Rating Structured Finance CDO Restructurings, which can be found on dbrs.com under Methodologies & Criteria.

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

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