DBRS Confirms Rating on Facility Issued by Senior Credit Fund SPV I, LLC at AA (sf)

DBRS, Inc. (DBRS) has today confirmed the AA (sf) rating on the Facility issued by Senior Credit Fund SPV I, LLC up to the total commitment of $200,000,000, pursuant to the Second Amendment and Waiver to Revolving Credit and Security Agreement dated September 10, 2015.

Pursuant to the Second Amendment and Waiver to Revolving Credit and Security Agreement, both the Lender and Facility Agent waived any Default or Event of Default arising as a direct result of State Street Bank and Trust Company (State Street), acting in its capacity as Trustee, making mistimed distributions of Interest Proceeds.

Both State Street and the Investment Manager have made changes to their operational processes to prevent any potential future occurrences. Senior Credit Fund SPV I, LLC’s performance under the Facility has otherwise been in line with expectations.

The Facility is collateralized primarily by a portfolio of U.S. middle-market corporate loans and other corporate obligations.

The DBRS rating on the Facility addresses Senior Credit Fund SPV I, LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date (as defined in the Revolving Credit and Security Agreement referred to above).

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

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

The applicable methodology is Rating CLOs and CDOs of Large Corporate Credit (June 2015), which can be found on our website under Methodologies.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.