DBRS Morningstar Discontinues Ratings on Notes Issued by TCP Rainier, LLC

DBRS, Inc. (DBRS Morningstar) discontinued the final ratings on the Class A Notes, the Class B Notes, the Class C Notes (collectively, the Notes) as well as the provisional rating on the Combination Notes issued by TCP Rainier, LLC (TCP or the Issuer), pursuant to the Note Purchase and Security Agreement (NPSA) dated as of December 11, 2018 (and as further amended by the First Amendment dated as of July 2, 2019, and effective as of July 25, 2019, and by the Second Amendment dated as of February 28, 2020; together, the Amendments), among TCP as Issuer; U.S. Bank National Association (USB; rated AA (high) with a Negative trend by DBRS Morningstar) as Collateral Agent, Custodian, Document Custodian, Collateral Administrator, Information Agent, and Note Agent; and the Purchasers referred to therein.

The discontinuations reflect repayment in full of the Notes.

All interest and principal amounts paid on the Secured Notes and any distributions made to the Subordinated Notes were the only sources of payment for the Combination Notes. All payments made on the Component Notes (whether interest, principal, or otherwise) to the Combination Notes reduced the Combination Note Rated Principal Balance. The Combination Notes is discontinued due to the payment in full and redemption of each Component.

The rating on the Class A Notes addressed the timely payment of interest (excluding the additional 1% of interest payable at the Post-Default Rate as defined in the NPSA) and the ultimate payment of principal on or before the Stated Maturity of December 11, 2027. The ratings on the Class B Notes and Class C Notes addressed the ultimate payment of interest (excluding the additional 1% of interest payable at the Post-Default Rate as defined in the NPSA) and the ultimate payment of principal on or before the Stated Maturity of December 11, 2027. The provisional rating on the Combination Notes addressed the ultimate repayment of the Combination Note Rated Principal Balance (which is equal to the commitment amount for the Combination Notes) on or before the Stated Maturity of December 11, 2027. The Combination Notes had no stated coupon. The Components of the Combination Notes include portions of the Class A Notes, Class B Notes, and Class C Notes as well as the Subordinated Notes (or equity) of the Issuer.

The Notes were collateralized primarily by a portfolio of U.S. middle-market corporate loans. The Issuer was managed by Series I of SVOF/MM, LLC, a consolidated subsidiary of Tennenbaum Capital Partners, LLC, which is itself a wholly owned subsidiary of BlackRock, Inc.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodology is Rating CLOs and CDOs of Large Corporate Credit (February 8, 2021), which can be found on dbrsmorningstar.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 United Kingdom, and by DBRS Ratings GmbH for use in the European Union, respectively. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on September 30, 2020.

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. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

Lead Analyst: Quan Yoon
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: December 12, 2018

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

DBRS, Inc.
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New York, NY 10005 USA
Tel. +1 212 806-3277

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https://www.dbrsmorningstar.com/research/364310/rating-clos-and-cdos-of-large-corporate-credit

-- Cash Flow Assumptions for Corporate Credit Securitizations (February 8, 2021),
https://www.dbrsmorningstar.com/research/364311/cash-flow-assumptions-for-corporate-credit-securitizations

-- Operational Risk Assessment for Collateralized Loan Obligation (CLO) and Collateralized Debt Obligation (CDO) Managers of Large Corporate Credits (September 22, 2020),
https://www.dbrsmorningstar.com/research/366977/operational-risk-assessment-for-collateralized-loan-obligation-clo-and-collateralized-debt-obligation-cdo-managers-of-large-corporate-credits

-- Interest Rate Stresses for U.S. Structured Finance Transactions (October 23, 2020),
https://www.dbrsmorningstar.com/research/368786/interest-rate-stresses-for-us-structured-finance-transactions

-- Legal Criteria for U.S. Structured Finance (December 21, 2020),
https://www.dbrsmorningstar.com/research/371685/legal-criteria-for-us-structured-finance