Vault DI Issuer LLC: Rating Report

On July 21, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the ratings of the Series 2021 Class A-1 $25 million variable funding notes (Class A-1 Notes) and the $225 million Series 2021 Class A-2 term notes (Class A-2 Notes, and together with the Class A-1 Notes, the Senior Notes) at BBB. At the same time, DBRS Morningstar maintained the trend for all ratings at Negative in recognition of the still-uncertain interest rate environment (albeit gradually moderating with the pace of rate increases slowing) and the possibility that rates will remain high enough at the 2026 Anticipated Repayment Date (ARD) of the Senior Notes to affect DBRS Morningstar’s assessment of the rating level of the refinance.