DBRS Morningstar Discontinues Rating on Senior Funding Facility of MidOcean Credit CLO X Warehouse LLC

DBRS, Inc. (DBRS Morningstar) discontinued the rating of BBB (sf) on the Senior Funding Facility (the Facility) due November 2027 issued by MidOcean Credit CLO X Warehouse LLC.

The rating on the Facility was rated pursuant to the Warehouse Agreement dated as of November 20, 2018 (and further amended pursuant to the Short-Form Amendment Agreement dated as of December 5, 2018), among MidOcean Credit CLO X Warehouse LLC as Borrower; Barclays Bank PLC, New York Branch as Facility Agent and Lender; MidOcean Credit Fund Management L.P. as Collateral Manager; the LLC Members named on the signature page thereto; and Wells Fargo Bank, N.A. (rated AA with a Stable trend by DBRS Morningstar) as the Collateral Administrator, Securities Intermediary, and Security Agent. The discontinuation reflects the repayment in full of the Facility.

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

For more information on this credit or on this industry, visit www.dbrs.com, or contact us at [email protected].

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