DBRS Morningstar Discontinues Ratings on Muskoka USD Limited 2017-1 Notes

DBRS, Inc. (DBRS Morningstar) discontinued the ratings on the Series 2017-1 Class A Guarantee Linked Notes, the Series 2017-1 Class B Guarantee Linked Notes (the Class B Notes), and the Series 2017-1 Class C Guarantee Linked Notes (the Class C Notes; together with the Class A Notes and Class B Notes, the Notes) issued by Muskoka USD Limited 2017-1 (Muskoka or the Issuer), referencing the Loan Portfolio Financial Guarantee (the Financial Guarantee) dated as of July 26, 2017, between Muskoka as Guarantor and the Bank of Montreal as Beneficiary, with respect to a portfolio of primarily U.S. and Canadian senior secured and senior unsecured loans. The discontinuation reflects the repayment in full of the Notes.

The ratings on the Notes addressed the timely payment of interest amounts and the ultimate payment of principal on or before the Scheduled Termination Date (as defined in the Financial Guarantee referenced above). The payment of the interest amounts due to the Notes is subject to the Beneficiary’s ability to pay the Guarantee Fee Amount (as defined in the Financial Guarantee referenced above).

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 and 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 July 24, 2019, when DBRS Morningstar confirmed one class and upgraded two classes of the Notes.

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
Rating Committee Chair: Jerry van Koolbergen, Managing Director, U.S. Structured Credit
Initial Rating Date: July 20, 2017

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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