VCP CLO II, Ltd.: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the Class A-1 Senior Secured Floating Rate Notes due 2031 (the Class A-1 Notes); the Class A-2 Senior Secured Floating Rate Notes due 2031 (the Class A-2 Notes; together, with the Class A-1 Notes, the Class A Notes); the Class B-1 Senior Secured Floating Rate Notes due 2031 (the Class B-1 Notes); the Class B-2 Senior Secured Fixed Rate Notes due 2031 (the Class B-2 Notes; together, with the Class B-1 Notes, the Class B Notes); the Class C Secured Deferrable Floating Rate Notes due 2031 (the Class C Notes); the Class D Secured Deferrable Floating Rate Notes due 2031 (the Class D Notes); the Class E Secured Deferrable Floating Rate Notes due 2031 (the Class E Notes); and the Subordinated Notes due 2031 issued by VCP CLO II, Ltd. (the
Issuer or VCP CLO II), an exempted company incorporated with limited liability under the laws of the Cayman Islands, and VCP CLO II, LLC, a limited liability company under the laws of the State of Delaware (the Co-Issuer; together, with the Issuer, the Co-Issuers). The Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes compose the Secured Notes. The Subordinated Notes (collectively, with the Secured Notes, the Notes) are unrated and will act as additional subordination for the transaction.