DBRS Confirms Ratings on the Revolving Advances and Term Loan Advances Issued by Senior Credit Fund SPV I, LLC

DBRS, Inc. (DBRS) has today confirmed the rating of AA (sf) on the Revolving Advances up to the Total Revolving Commitment of $185,000,000 and on the Term Loan Advances of $115,000,000 issued by Senior Credit Fund SPV I, LLC as per the Fourth Amendment to Revolving Credit and Security Agreement dated as of February 19, 2016.

The DBRS ratings address the timely payment of interest and ultimate payment of principal on or before the Final Maturity Date.

The rating actions were taken to reflect the impact of the execution of the Fourth Amendment to Revolving Credit and Security Agreement dated as of February 19, 2016. The amended language includes mechanics to convert a portion of the Revolving Advances into the Term Loan Advances and to increase the Total Revolving Commitment. The rating confirmation by DBRS does not signify the approval of the amendment by DBRS or an opinion by DBRS as to whether the amendment is beneficial or detrimental to the holders of the securities.

The Revolving Advances and the Term Loan Advances are collateralized primarily by a portfolio of U.S. middle-market corporate loans and other corporate obligations.

The rating actions reflect the following:

(1) Fourth Amendment to Revolving Credit and Security Agreement dated as of February 19, 2016.

(2) The integrity of the transaction structure.

(3) DBRS’s assessment of the portfolio quality.

(4) Adequate credit enhancement to withstand projected collateral loss rates under various cash flow stress scenarios.

(5) DBRS’s assessment of the origination, servicing and collateralized loan obligation management capabilities of Senior Credit Fund, LLC and Goldman Sachs Asset Management, LP.

To assess portfolio credit quality, DBRS provides a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio not rated by DBRS. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that is used in assigning a rating to the Notes.

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

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

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