DBRS Takes Rating Actions on Domain Media LLC

DBRS, Inc. (DBRS) removed the Series A and Series B Senior Secured Delayed Draw Notes from Under Review with Negative Implications, downgraded both securities to D (sf) from BBB (sf) and discontinued and withdrew the ratings. The transaction’s inability to pay timely interest and the servicer’s decision not to advance the amounts necessary to pay timely interest have resulted in the occurrence of an Event of Default. While the collateral possesses value, which may ultimately allow for the repayment of outstanding principal and any accrued obligations, the D (sf) rating is commensurate with the failure to pay timely interest in accordance with the transaction documentation. The ratings have been withdrawn at the request of the Issuer.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to servicing.
-- The credit quality of the collateral pool and projected performance.

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

The principal methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on dbrs.com under Methodologies.

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.

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