DBRS Confirms AA (sf) Ratings on the Class A-R and Class A-T Loans of Cerberus PSERS Levered LLC

DBRS, Inc. (DBRS) confirmed the AA (sf) ratings on the Class A-R and Class A-T Loans (together, the Loans) issued by Cerberus PSERS Levered LLC up to the total commitment permitted under the Loans of $320,000,000.

The Loans were issued pursuant to the Credit Agreement dated as of November 12, 2015 (as amended by Amendment No. 1 dated as of March 1, 2016; Amendment No. 2 dated as of August 30, 2016; Amendment No. 3 dated as of November 17, 2016; Amendment No. 4 dated as of May 15, 2017; and Amendment No. 5 dated as of December 8, 2017), among Cerberus PSERS Levered LLC as Borrower; Cerberus PSERS Levered Loan Opportunities Fund, L.P. as Servicer; Natixis, New York Branch, as Administrative Agent; U.S. Bank National Association (rated AA (high) with a Stable trend by DBRS) as Collateral Agent; and the Lenders party thereto.

The confirmation of the ratings reflects the execution of Amendment No. 6 (the Amendment) to the Credit Agreement dated as of August 16, 2018.

The rating confirmations by DBRS do not 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.

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

The DBRS ratings address Cerberus PSERS Levered LLC’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).

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 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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