Morningstar DBRS Discontinues its Credit Rating on the Notes Representing the Advances Issued by Cerberus SWC Levered II LLC

DBRS, Inc. (Morningstar DBRS) discontinued and withdrew its credit rating on the Notes representing the Advances (the Advances) of Cerberus SWC Levered II LLC, pursuant to the Second Amended and Restated Loan, Security and Servicing Agreement dated as of November 20, 2019, as amended by the Second Amendment to the Second Amended and Restated Loan, Security and Servicing Agreement, dated as of December 23, 2020, and the Third Amendment to the Second Amended and Restated Loan, Security and Servicing Agreement, dated as of November 18, 2022 (the Loan Agreement), among Cerberus SWC Levered II LLC as the Borrower; Cerberus SWC Levered Holdings II LP as the Servicer; Capital One, National Association (rated A with a Stable trend by Morningstar DBRS) as the Administrative Agent, Hedge Counterparty, Swingline Lender, and Arranger; U.S. Bank Trust Company, National Association (rated AA with a Stable trend by Morningstar DBRS) as the Collateral Custodian; U.S. Bank National Association (rated AA with a Stable trend by Morningstar DBRS) as the Document Custodian; and each Lender from time to time party thereto.

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

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 transaction's respective press release 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. The Morningstar DBRS short-term debt rating scale provide an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

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 the Global Methodology for Rating CLOs and Corporate CDOs (November 19, 2024) https://dbrs.morningstar.com/research/443207.

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.

This credit rating is endorsed by DBRS Ratings Limited for use in the United Kingdom, and by DBRS Ratings GmbH for use in the European Union, respectively. The following additional regulatory disclosures apply to endorsed credit ratings.

Each of the principal asset class methodologies employed in the analysis addressed one or more particular risks or aspects of the credit rating and were factored into the credit rating decision. Specifically, the Global Methodology for Rating CLOs and Corporate CDOs (November 19, 2024) provides a general overview of the entire rating process and details on asset analysis as well as outlines the assumptions and analytical approach used in cash flow analysis.

The last credit rating action on this transaction took place on July 3, 2024, when Morningstar DBRS confirmed the credit rating on the Advances.

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

Lead Analyst: Oxana Rhybak, Vice President, Sector Lead, US Structured Credit
Rating Committee Chair: Jerry van Koolbergen, Managing Director, US Structured Credit
Initial Rating Date: November 20, 2019

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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.

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

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

Legal Criteria for U.S. Structured Finance (December 3, 2024)
https://dbrs.morningstar.com/research/444064

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