DBRS Confirms Ratings on Loans and Assigns Rating to Notes of ABPCI Direct Lending Funding V LLC

DBRS, Inc. (DBRS) assigned a rating of A (sf) on the $15,000,000 Class B Notes (the Notes) issued by ABPCI Direct Lending Funding V LLC (ABPCI V) under the Note Purchase Agreement dated as of February 12, 2018, by and among ABPCI V as Issuer; U.S. Bank National Association (the Bank; rated AA (high) with a Stable trend by DBRS) as Collateral Agent and Note Agent; and the Purchasers party thereto, in connection with the Credit Agreement dated as of February 16, 2017 (as amended by Amendment No. 1 to the Credit Agreement dated as of January 24, 2018, and Amendment No. 2 to the Credit Agreement dated as of February 12, 2018).

DBRS also confirmed the ratings of AA (sf) on the Class A-R Loans and Class A-T Loans issued by ABPCI V up to the Total Class A-R Commitment of $100,000,000 and Total Class A-T Commitment of $100,000,000. DBRS also confirmed the rating of A (sf) on the Class B Loans issued by ABPCI V, and together with the Notes, 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 as of February 16, 2017 (as amended by Amendment No. 1 to Credit Agreement dated as of January 24, 2018, and Amendment No. 2 to the Credit Agreement dated as of February 12, 2018), by and among ABPCI V as Borrower; Natixis, New York Branch as Administrative Agent; the Bank as Collateral Agent, Collateral Administrator and Custodian; and the Lenders thereto.

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

The ratings on the Class A-R Loans and the 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 ratings on the Class B Loans and the Notes address 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).

Neither the confirmation of the ratings on the Loans nor the assignment of a new rating on the Notes 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.

To assess portfolio credit quality, DBRS provides a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio where a public rating is not available. 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 loans.

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 for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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