DBRS Confirms AAA (sf) and AA (sf) Ratings on Advances Issued by Senior Credit Fund SPV I, LLC

DBRS, Inc. (DBRS) confirmed the ratings on the Term Loan Advances, up to the Total Term Loan Commitment of $240 million, and the Revolving Advances, up to the Total Revolving Commitment of $120 million, issued by Senior Credit Fund SPV I, LLC at AAA (sf). Additionally, DBRS confirmed the rating of AA (sf) on the Class B Loan Advances, including any Class B Note evidencing Class B Loan Advances, up to the Total Class B Commitment of $40 million.

The Term Loan Advances, Revolving Advances and Class B Loan Advances were issued pursuant to the Amended and Restated Credit and Security Agreement (the Amendment) as at December 19, 2016, with Senior Credit Fund SPV I, LLC as the Borrower; Natixis, New York Branch as the Facility Agent; and State Street Bank and Trust Company as the Collateral Agent and Lenders party thereto.

Under the Amendment (upon the occurrence and during the continuance of an Event of Default (EoD) through the breach of the EoD Overcollateralization Ratio at 115%), the Collateral Agent may be directed by the majority of the Required Lenders (as defined in the Amendment referred to above) to sell or, otherwise, dispose of the collateral as a remedy that could disadvantage the Class B Loan Advances and Class B Note. DBRS took these transaction characteristics into account in the final ratings.

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

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

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

The principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com 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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.