DBRS Confirms Ratings on Class A-R Loans, Class A-T Loans and Class B Loans Issued by ABPCI Direct Lending Funding II LLC

DBRS, Inc. (DBRS) has today confirmed the rating of AA (sf) on both the Class A-R Loans and the Class A-T Loans issued by ABPCI Direct Lending Funding II LLC (ABPCI Funding II) up to the Total Class A-R Commitment of $100,000,000 and Total Class A-T Commitment of $100,000,000. DBRS has also confirmed the rating of A (sf) on the Class B Loans to be issued by ABPCI Funding II up to the Total Class B Commitment of $20,400,000.

The Class A-R Loans, Class A-T Loans and Class B Loans (together, the Loans) were issued pursuant to the Credit Agreement dated January 28, 2016, among ABPCI Funding II as Borrower; Natixis, New York Branch as Administrative Agent; U.S. Bank National Association as Collateral Agent; and the Lenders thereto.

The Loans will be collateralized primarily by a portfolio of U.S. middle-market corporate loans and other corporate obligations. ABPCI Funding II is managed by AB Private Credit Investors, LLC, an affiliate of AllianceBernstein L.P.

The ratings on the Class A-R Loans and Class A-T Loans address the timely payment of interest and ultimate payment of principal on or before the Stated Maturity (as defined in the Credit Agreement referred to above). The rating on the Class B Loans addresses the ultimate payment of interest and ultimate payment of principal on or before the Stated Maturity (as defined in the Credit Agreement referred to above).

To assess portfolio credit quality, DBRS provides a credit estimate or an 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 ratings to a transaction.

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.

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