DBRS Morningstar Discontinues the Ratings on the Funded Class B-1 Loans and the Funded Class B-2 Loans Issued by AIG Rover, LLC

On April 22, 2021, DBRS, Inc. (DBRS Morningstar) discontinued its provisional ratings on the Funded Class B-1 Loans and the Funded Class B-2 Loans issued by AIG Rover, LLC, pursuant to the Revolving Loan Agreement, dated as of June 26, 2020, as further amended by the First Amendment to the Revolving Loan Agreement, dated as of October 20, 2020, by and among AIG Credit Management, LLC as Collateral Manager; AIG Rover, LLC as Borrower; each CLO Subsidiary from time to time party thereto; the Lenders from time to time party thereto; Royal Bank of Canada (rated AA (high) with a Stable trend by DBRS Morningstar) as Administrative Agent; and Wells Fargo Bank, N.A. (rated AA with a Negative trend by DBRS Morningstar) as Collateral Custodian.

The discontinuation of the provisional ratings reflects the full payment of the Funded Class B-1 loans and the Funded Class B-2 Loans issued by AIG Rover, 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 methodologies were Rating CLOs and CDOs of Large Corporate Credit (February 8, 2021), Cash Flow Assumptions for Corporate Credit Securitizations (February 8, 2021), Operational Risk Assessment for Collateralized Loan Obligation (CLO) and Collateralized Debt Obligation (CDO) Managers of Large Corporate Credits (September 22, 2020), Interest Rate Stresses for U.S. Structured Finance Transactions (June 10, 2021), and Legal Criteria for U.S. Structured Finance (December 21, 2020), 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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