Morningstar DBRS Assigns Credit Rating of BBB With Positive Trend to Americold Realty Operating Partnership, L.P.'s $400 Million of 5.600% Notes Due 2032

DBRS, Inc (Morningstar DBRS) assigned a credit rating of BBB with a Positive trend to Americold Realty Operating Partnership, L.P.'s (the Company) USD 400,000,000 of 5.600% Notes (the Senior Notes) due 2032.

The Senior Notes are guaranteed by Americold Realty Trust, Inc., Americold Realty Operations, Inc. and select subsidiaries of the Issuer. The Senior Notes are direct senior unsecured obligations of Americold Realty Operating Partnership, L.P. and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Issuer. Morningstar DBRS understands that the net proceeds from the offering will be used to repay a portion of the outstanding borrowings under its revolving credit facility, pay fees and expenses incurred in connection with the offering of the Senior Notes and, to the extent there are any remaining proceeds therefrom, for general corporate purposes.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated August 26, 2024, for more information, including all relevant disclosures.

Morningstar DBRS notes that the ratings are based on the credit risk profile of the combined entity, including the Company and its subsidiaries, as well as Americold Realty Trust, Inc. (collectively, the REIT).

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 at (August 13, 2024) at https://dbrs.morningstar.com/research/437781.

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)
(A) Weighting of BRA Factors
In the analysis of Americold Realty Operating Partnership, L.P., the BRA factors were considered in the order of importance contemplated in the methodology.

(B) Weighting of FRA Factors
In the analysis of Americold Realty Operating Partnership, L.P., the FRA factors were considered in the order of importance contemplated in the methodology.

(C) Weighting of the BRA and the FRA
In the analysis of Americold Realty Operating Partnership, L.P., the BRA carries greater weight than the FRA.

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

Morningstar DBRS applied the following principal methodology :
-- Global Methodology for Rating Entities in the Real Estate Industry (April 15, 2024)
https://dbrs.morningstar.com/research/431170.

Morningstar DBRS credit ratings may use of one or more sections of the Morningstar DBRS Global Corporate Criteria https://dbrs.morningstar.com/research/447186 (February 3, 2025), which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

The following criteria has also been applied:

-- Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024) https://dbrs.morningstar.com/research/437781

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

A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/431153.

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.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to our Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of our website.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS trends and credit ratings are under regular surveillance.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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