DBRS Confirms AA (sf) Ratings on Class A-R and Class A-T Loans Issued by 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 of $220,000,000 permitted under the Loans.

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; Amendment No. 5 dated as of December 8, 2017; and Amendment No. 6 dated as of August 16, 2018) 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 on the Loans reflects the execution of Amendment No. 7 to the Credit Agreement dated as of November 20, 2018, but does not signify DBRS’s approval of the amendment or DBRS’s opinion on whether the amendment is beneficial or detrimental to the holders of the securities.

The Loans will be 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).

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.

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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