DBRS Discontinues Rating on Class A Notes Issued by TIAA Churchill Middle Market CLO I Ltd. and TIAA Churchill Middle Market CLO I LLC

DBRS, Inc. (DBRS) discontinued its AAA (sf) rating on the Class A Notes (the Notes) issued by TIAA Churchill Middle Market CLO I Ltd. pursuant to the Indenture dated as of September 15, 2016, among TIAA Churchill Middle Market CLO I Ltd., as Issuer; TIAA Churchill Middle Market CLO I LLC, as Co-Issuer; and The Bank of New York Mellon Trust Company, N.A., as Trustee.

The rating on the Notes addressed the timely payment of interest and the ultimate payment of principal on or before the Stated Maturity (as defined in the Indenture referred to above).

The rating on the Notes is being discontinued due to repayment of the Redemption Price (as defined in the Indenture, referenced above) in connection with the refinancing contemplated under the First Supplemental Indenture dated as of October 22, 2018, to the Indenture dated as of September 15, 2016.

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 www.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.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.