Morningstar DBRS Assigns Provisional Credit Ratings to Triton Container Finance IX LLC, Series 2026-1

DBRS, Inc. (Morningstar DBRS) assigned provisional credit ratings to the following classes of Fixed Rate Notes, Series 2026-1 (the Offered Notes) to be issued by Triton Container Finance IX LLC (the Issuer):

-- $272,600,000 Class A at (P) AA (sf)
-- $77,400,000 Class B at (P) A (sf)

CREDIT RATING RATIONALE/DESCRIPTION
The provisional credit ratings on the Offered Notes are based on Morningstar DBRS review of the following considerations:

(1) The Transaction assumptions consider Morningstar DBRS baseline macroeconomic scenarios for rated sovereign economies, available in its commentary Baseline Macroeconomic Scenarios for Rated Sovereigns March 2026 Update, published on March 27, 2026. These baseline macroeconomic scenarios replace Morningstar DBRS moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020.

(2) The Series 2026-1 Notes will be collateralized by the cashflows from a discrete pool of marine container leases, originated and managed by Triton Container International Limited (TCIL). The overwhelming majority of collateral pool (by Net Book Value (NBV)) is represented by either existing direct finance leases (24.97%) or long-term leases (75.01%). Less than 1.0% of collateral pool is currently off hire. Many leases have significant remaining term (weighted average (WA) by NBV of approximately 7.22 years), with the WA per diem rate per unit of $1.15. In addition, approximately 49.9% of the leases (by NBV) have a remaining lease term expiration in 2034 and beyond. The collateral comprises most popular container types including 20-foot standard dry boxes (19.5%), 40-foot high cube (HC) dry containers (65.7%) and 40-foot HC refrigerated ("reefer") containers (14.7%).

(3) The cash flow scenarios run by Morningstar DBRS for the Series 2026-1 Notes confirmed the sufficiency of the credit enhancement and other structural provisions, after application of the utilization, per diem rate, residual realization, and operating expense stresses commensurate with an AA (sf) and an A (sf) credit ratings for the Class A and Class B Notes, respectively, to facilitate (i) timely payment of interest on the Class A Notes and the repayment of such notes by the Series 2026-1 Legal Final Maturity Date; and (ii) ultimate payment of interest on the Class B Notes and the repayment of such notes by the Series 2026-1 Legal Final Maturity Date.
-- Subordination (in the case of the Class A Notes), overcollateralization (OC), and the restricted reserve covering nine months of interest on the Series 2026-1 Notes, create credit enhancement levels and liquidity that are commensurate with the ratings.
-- Cash flow scenarios run by Morningstar DBRS considered the priority of payments and salient structural provisions for the transaction, including the effect from (i) Early Amortization Events, (ii) Cash Sweep Events, (iii) Advance Rates, (iv) scheduled and supplemental principal amortization of the Series 2026-1 Notes, and (v) Note Interest, fees (including Management Fee), and other expenses due in connection with the Series 2026-1 Notes.
-- Structural features of the Transaction trigger an accelerated principal amortization of the Series 2026-1 Notes (i) if the Series 2026-1 EBIT Cash Interest Expense Ratio is less than 1.1 to 1.0; (ii) if credit enhancement deteriorates (Asset Base Deficiency remaining unremedied for 30 days); or (iii) if the WA age of containers in the Series 2026-1 Series-Specific Container Pool is greater than 12.5 years. The Series 2026-1 Notes principal amortization also switches to pro rata "full turbo" after the Payment Date in November 2033.
-- The cash flow scenarios run by Morningstar DBRS also tested the potential impact on transaction cash flows from the use of an L/C in lieu of the fully funded cash reserve account.
-- The cash flow scenarios assume the start of the first recessionary environment at the onset of the transaction. Overall, the transaction is expected to experience three 3-year recessionary periods.

(4) As is typical for industry, the obligor mix is relatively concentrated, with the six largest lessees accounting for approximately 82.7% of the collateral pool (by NBV). The lessees primarily represent the leading container shipping liners, including Mediterranean Shipping Company, CMA-CGM, Evergreen, Maersk, COSCO and Hapag Lloyd as top six lessees. Container shipping liners' recent financial performance has been strong. While such outstanding performance may not be sustainable in the long term, the current financial condition of container shipping companies is stable.

(5) TCIL's capabilities with regard to managing the fleet of marine containers. TCIL is an experienced and the largest manager of marine container lease collateral, having started operations in 1985. The company has 21 offices worldwide and maintains a network of approximately 450 independent depot facilities in major port areas and inland locations around the world to perform services such as container storage, maintenance, repairs, handling and inspection.
-- Morningstar DBRS has performed an operational review of TCIL and considers it to be an acceptable manager of the marine container leasing fleet as well as servicer for the transaction.

(6) The legal structure and legal opinions that are expected to address true sale, enforceability, nonconsolidation, and security interest perfection issues, and the consistency with the DBRS Morningstar Legal Criteria for U.S. Structured Finance.

Morningstar DBRS' credit rating on the Fixed Rate Notes, Series 2026-1, Class A and Class B addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the Class A and Class B Note Interest Payment, interest on any Class B Deferred Interest Payment Amounts, and the outstanding amount of the Class A and Class B principal balance.

Morningstar DBRS' credit rating does not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction document(s) that are not financial obligations. For example, any indemnities due and payable to the Class A and Class B Noteholders.

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 (May 16, 2025) https://dbrs.morningstar.com/research/454196.

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

The principal methodology applicable to the credit ratings is Rating Marine Container Securitizations (August 6, 2024) https://dbrs.morningstar.com/research/437539.

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.

For more information on Morningstar DBRS' policy regarding the solicitation status of credit ratings, please refer to the Credit Ratings Global Policy, which can be found in the Morningstar DBRS Understanding Ratings section of the website: https://dbrs.morningstar.com/understanding-ratings

A provisional credit rating is not a final credit rating with respect to the above-mentioned securities and may change or be different than the final credit rating assigned or may be discontinued. The assignment of the final credit ratings on the above-mentioned securities are subject to receipt by Morningstar DBRS of all data and/or information and final documentation that Morningstar DBRS deems necessary to finalize the credit ratings.

Morningstar DBRS expects Structured Finance issuers and originators of Structured Finance products to make all relevant information regarding these products available to investors to conduct their own analyses.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS, Inc.
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New York, NY 10005 USA
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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.

A description of how Morningstar DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/417279.

Legal Criteria for U.S. Structured Finance (November 25, 2026)
https://dbrs.morningstar.com/research/468115

Rating U.S. Structured Finance Transactions (March 13, 2026)
https://dbrs.morningstar.com/research/476198

Operational Risk Assessment for U.S. ABS Originators and Servicers (March 23, 2026)
https://dbrs.morningstar.com/research/477057

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