Morningstar DBRS Discontinues Credit Ratings on AM Capital Funding, LLC Series 2018-1

DBRS, Inc. (Morningstar DBRS) discontinued its credit ratings on the Class A Notes and the Class B Notes issued by AM Capital Funding, LLC Series 2018-1.

The discontinuation of the credit ratings reflects the full payment of interest and full repayment of principal due on the Class A Notes and the Class B Notes.

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.

The transaction assumptions consider Morningstar DBRS’ baseline macroeconomic scenarios for rated sovereign economies, available in its commentary “Baseline Macroeconomic Scenarios for Rated Sovereigns: December 2023 Update,” published on December 19, 2023 (https://www.dbrsmorningstar.com/research/425506). These baseline macroeconomic scenarios replace Morningstar DBRS’ moderate and adverse pandemic scenarios, which were first published in April 2020.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS 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/416784 (July 4, 2023).

Notes:

The principal methodologies applicable to the credit ratings are DBRS Morningstar Master U.S. ABS Surveillance (October 22, 2023; https://www.dbrsmorningstar.com/research/422279) and Rating U.S. Structured Finance Transactions (October 30, 2023; https://www.dbrsmorningstar.com/research/422592).

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit rating was initiated at the request of the rated entity.
The rated entity or its related entities did participate in the credit rating process for this credit rating action.
Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.
This is a solicited credit rating.

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The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- DBRS Morningstar CLO Insight Model (v.1.0.0.0) (October 22, 2023; https://www.dbrsmorningstar.com/research/422269)

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