DBRS Morningstar Discontinues Ratings on Senior Credit Fund SPV I, LLC

DBRS, Inc. (DBRS Morningstar) discontinued the ratings on the Term Loan Advances, up to the Total Term Loan Commitment of $240 million, and the Revolving Advances, up to the Total Revolving Commitment of $120 million, issued by Senior Credit Fund SPV I, LLC at AAA (sf). Additionally, DBRS Morningstar discontinued the rating of AA (sf) on the Class B Loan Advances, including any Class B Note evidencing Class B Loan Advances, up to the Total Class B Commitment of $40 million. The discontinuations reflect the repayment in full of the notes and loans.

Senior Credit Fund SPV I, LLC was managed by Senior Credit Fund, LLC, a joint venture partnership formed between a private business development company managed by Goldman Sachs Asset Management, L.P. and a U.S. retirement and endowment fund. DBRS Morningstar considers Senior Credit Fund, LLC to be an acceptable collateralized loan obligation manager.

The Term Loan Advances, Revolving Advances and Class B Loan Advances were issued pursuant to the Amended and Restated Credit and Security Agreement (the Amendment) as at December 19, 2016, with Senior Credit Fund SPV I, LLC as the Borrower; Natixis, New York Branch as the Facility Agent; and State Street Bank and Trust Company as the Collateral Agent and Lenders party thereto.

The DBRS Morningstar ratings addressed the timely payment of interest and ultimate payment of principal on or before the Final Maturity Date.

The Revolving Advances, Term Loan Advances and the Class B Loan Advances were collateralized primarily by a portfolio of U.S. middle-market corporate loans and other corporate obligations. To assess portfolio credit quality, DBRS Morningstar provided a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio not rated by DBRS Morningstar. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that is used in assigning a rating to the facility.

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

The principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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

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