DBRS Morningstar Discontinues Rating on ABPCI Direct Lending Fund CLO I Ltd

DBRS, Inc. (DBRS Morningstar) discontinued the rating on the Class A Notes issued by ABPCI Direct Lending Fund CLO I Ltd, as Issuer; ABPCI Direct Lending Fund CLO I First Static Subsidiary LLC, as First Static Subsidiary; ABPCI Direct Lending Fund CLO I Second Static Subsidiary LLC, as Second Static Subsidiary; and ABPCI Direct Lending Fund CLO I LLC, as Co-Issuer pursuant to the Indenture dated as of December 22, 2016 (as amended by the First Supplemental Indenture dated as of April 25, 2018), among ABPCI Direct Lending Fund CLO I Ltd, ABPCI Direct Lending Fund CLO I First Static Subsidiary LLC, ABPCI Direct Lending Fund CLO I Second Static Subsidiary LLC, ABPCI Direct Lending Fund CLO I LLC and U.S. Bank National Association (rated AA (high) with a Stable trend by DBRS Morningstar) as Trustee. The discontinuation reflects the repayment in full of the notes and loans.

The rating on the Class A Notes addressed the timely payment of interest and the ultimate payment of principal on or before the Stated Maturity (as defined in the Indenture referred to above).

The Class A Notes were collateralized primarily by a portfolio of U.S. middle-market corporate loans. ABPCI Direct Lending Fund CLO I Ltd was managed by AB Private Credit Investors LLC.

To assess portfolio credit quality, DBRS Morningstar provides 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. In assessing the priority of payments, upon an Enforcement Event (as defined in the Indenture), Administrative Expenses was uncapped in the Enforcement Event Priority of Payments senior to the Class A Notes, which could affect DBRS Morningstar’s rating of the Class A Notes at that time.

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.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on April 26, 2019, when DBRS Morningstar confirmed the Class A Notes at A (low) (sf).

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Quan Yoon, Assistant Vice President, U.S. Structured Credit, Global Structured Finance
Rating Committee Chair: Jerry van Koolbergen, Managing Director, Head of U.S. Structured Credit, Global Structured Finance
Initial Rating Date: December 13, 2016

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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