DBRS Morningstar Discontinues Ratings on the Loans and Notes Issued by Churchill Middle Market CLO IV, Ltd.

DBRS, Inc. (DBRS Morningstar) discontinued the following ratings of the Class A-R Loans, the Class A-T Loans, the Class B Loans, the Class C Loans, and the Class D Loans (collectively, the Loans) and the Class B Notes, the Class C Notes, and the Class D Notes (collectively, the Notes) issued by Churchill Middle Market CLO IV, Ltd. (Churchill). The discontinuation reflects the repayment in full of the Facility.

The ratings on the Loans were pursuant to the execution of the First Amendment to Credit Agreement, dated as of October 16, 2019, which modifies and amends the Credit Agreement dated as of April 19, 2018, among Churchill as Borrower; Natixis, New York Branch as Administrative Agent; The Bank of New York Mellon Trust Company, N.A. (BNYM; rated AA (high) with a Stable trend by DBRS Morningstar) as Collateral Agent, Collateral Administrator, Information Agent, and Custodian; and the Lenders referred to therein.

The ratings on the Notes were pursuant to the Note Purchase Agreement dated as of April 19, 2018, among Churchill as Issuer, BNYM as Collateral Agent and Note Agent, as well as the Purchasers referred to therein.

The ratings on the Class A-R Loans and Class A-T Loans addressed the timely payment of interest (excluding any Capped Amounts and the additional 2% of interest payable at the Post-Default Rate, as defined in the Credit Agreement referred to above) and the ultimate payment of principal on or before the Stated Maturity (as defined in the Credit Agreement referred to above). The ratings on the Class B Loans and Notes, Class C Loans and Notes, and Class D Loans and Notes address the ultimate payment of interest (excluding the additional 2% of interest payable at the Post-Default Rate, as defined in the Credit Agreement and the Note Purchase Agreement referred to above) and the ultimate payment of principal on or before the Stated Maturity (as defined in the Credit Agreement and the Note Purchase Agreement referred to above).

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 & 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.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on October 17, 2019.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Quan Yoon, Assistant Vice President, U.S. Structured Credit
Rating Committee Chair: Jerry van Koolbergen, Managing Director, U.S. Structured Credit
Initial Rating Date: April 24, 2018

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

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