Vault DI Issuer LLC: Rating Report

On July 19, 2024, DBRS Limited (Morningstar DBRS) confirmed the Issuer Rating and the credit rating 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), issued by Vault DI Issuer LLC, at BBB. At the same time, Morningstar DBRS changed the trend to Stable from Negative because of 1) a higher lease rate from a new tenant active in the Artificial Intelligence space replacing an existing tenant in one of the portfolio's data centers, which exercised an early termination option, combined with 2) a stabilizing interest rate environment and the likelihood of interest rate cuts in 2025 and 2026, resulting in resiliency to rates that may be high enough at the 2026 Anticipated Repayment Date of the Senior Notes to affect Morningstar DBRS' assessment of the credit rating level of the refinance.