DBRS Morningstar Discontinues the Ratings on the Class C Deferrable Notes and the Liquidity Facility of MCA Fund II Holding LLC

On September 30, 2021, DBRS, Inc. (DBRS Morningstar) discontinued its rating on the Class C Deferrable Notes issued by MCA Fund II Holding LLC pursuant to the Indenture dated as of June 28, 2017, between MCA Fund II Holding LLC, as Issuer, and Wells Fargo Bank, N.A. (rated AA with a Negative trend by DBRS Morningstar), as Trustee and Calculation Agent. DBRS Morningstar also discontinued its rating on the Liquidity Facility with MCA Fund II Holding LLC, as Issuer; Barclays Bank PLC (rated “A” with a Stable trend by DBRS Morningstar), as Liquidity Lender; and Wells Fargo Bank, N.A., as Trustee and Calculation Agent.

The discontinuation of the ratings reflects the full payment of the Class C Deferrable Notes and the Liquidity Facility issued by MCA Fund II Holding LLC.

For more information regarding DBRS Morningstar’s additional adjustment for select industries related to the Coronavirus Disease (COVID-19), please see its May 18, 2020, commentary, “CLO Risk Exposure to the Coronavirus Disease (COVID-19)” at https://www.dbrsmorningstar.com/research/361112.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology was Rating U.S. Collateralized Fund Obligations Backed by Private Equity (October 15, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.dbrsmorningstar.com or contact us at [email protected].

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