DBRS Confirms Ratings on Class A-R Loans and Class A-T Loans Issued by Cerberus Redwood Levered B LLC

DBRS, Inc. (DBRS) confirmed the ratings of AA (sf) on the Class A-R Loans and the Class A-T Loans (together, the Loans) issued by Cerberus Redwood Levered B LLC (Cerberus Redwood) up to the total commitment permitted under the Loans of $150,000,000.

The Loans were issued pursuant to the Credit Agreement dated as of June 12, 2017, among Cerberus Redwood as Borrower; Cerberus Redwood Levered Loan Opportunities Fund B, L.P. as Servicer; Natixis, New York Branch as Administrative Agent; and U.S. Bank National Association as Collateral Agent and Custodian.

The DBRS ratings address Cerberus Redwood’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date (as defined in the Credit Agreement referred to above).

The Loans will be collateralized primarily by a portfolio of U.S. middle-market corporate loans and other corporate obligations. Cerberus Redwood is serviced by Cerberus Redwood Levered Loan Opportunities Fund B, L.P., an affiliate of Cerberus Capital Management II, L.P.

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 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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