Morningstar DBRS Discontinues Its Credit Rating on the Class A-1 Notes Issued by Ares XXXIR CLO Ltd.

DBRS, Inc. (Morningstar DBRS) discontinues its credit rating on the Class A-1 Notes (the Notes) issued by Ares XXXIR CLO Ltd. (the Issuer) and Ares XXXIR CLO LLC (the Co-Issuer; together with the Issuer, the Co-Issuers).

The Notes were issued pursuant to the Indenture dated as of May 24, 2018, among Ares XXXIR CLO Ltd. as the Issuer; Ares XXXIR CLO LLC as the Co-Issuer; and U.S. Bank National Association (rated AA with a Stable trend by Morningstar DBRS) as the Trustee. The Notes were collateralized primarily by a portfolio of U.S. senior-secured floating-rate broadly syndicated corporate loans. The collateralized loan obligation (CLO) was managed by Ares CLO Management, LLC (Ares), an affiliate of Ares Management Corporation, as the Asset Manager. Morningstar DBRS considers Ares to be an acceptable CLO manager.

CREDIT RATING RATIONALE/DESCRIPTION
The discontinuation of the credit rating on the Notes reflects the full repayment of principal and interest due on the Notes.

Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) 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 Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024; https://dbrs.morningstar.com/research/437781).

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

The principal methodology applicable to the credit rating is Global Methodology for Rating CLOs and Corporate CDOs (February 23, 2024; https://dbrs.morningstar.com/research/428544).

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.

Operational Risk Assessment for Collateralized Loan Obligations (CLOs) and Corporate Collateralized Debt Obligations (CDOs) (August 23, 2024)
https://dbrs.morningstar.com/research/438315

Interest Rate Stresses for U.S. Structured Finance Transactions (26 February 2024)
https://dbrs.morningstar.com/research/428623

Legal Criteria for U.S. Structured Finance (15 April 2024)
https://dbrs.morningstar.com/research/431205

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.