DBRS Morningstar Upgrades and Discontinues the Ratings on the Senior Funding Facility and the Mezzanine Funding Facility of Crestline Denali CLO XVIII, Ltd.

DBRS, Inc. (DBRS Morningstar) upgraded the rating on the Senior Funding Facility due November 2027 to AA (sf) from A (sf) and the rating on the Mezzanine Funding Facility due November 2027 to AA (low) (sf) from BBB (low) (sf) (together, the Facilities) of Crestline Denali CLO XVIII, Ltd. and then subsequently discontinued the ratings. The Facilities were issued by Crestline Denali CLO XVIII, Ltd. pursuant to the Warehouse Agreement as of November 5, 2018, between Crestline Denali CLO XVIII, Ltd. as the Borrower; Barclays Bank PLC, New York Branch (Barclays) as the Facility Agent; Barclays as the Senior Lender and Mezzanine Lender; Crestline Denali Capital, L.P. as the Collateral Manager; the Subordinated Lenders named on the signature page thereto; and the Bank of New York Mellon Trust Company, N.A. as the Collateral Administrator, Securities Intermediary and Security Agent.

The ratings on the Facilities are being withdrawn at the request of the Facility Agent.

The rating on the Senior Funding Facility addressed the timely payment of the Senior Base Interest Amount and the ultimate payment of Senior Funding Amounts on or before the Scheduled Maturity Date in November 2027. The rating on the Mezzanine Funding Facility addressed the ultimate payment of the Mezzanine Base Interest Amount and the ultimate payment of the Mezzanine Funding Amounts on or before the Scheduled Maturity Date in November 2027. For the avoidance of doubt, these ratings did not address the Senior Additional Interest Amount or the Mezzanine Additional Interest Amount.

Notes:
The principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar 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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