DBRS Morningstar Discontinues Its Ratings on Peaks CLO 3, Ltd Class A-1 Notes and Class A-2 Notes

DBRS, Inc. (DBRS Morningstar) discontinued its ratings on the Class A-1 Notes and the Class A-2 Notes (together, the Notes) issued by Peaks CLO 3, Ltd due to repayment.

The ratings on the Notes were issued pursuant to the Indenture, dated as of December 12, 2018, between Peaks CLO 3, Ltd as Issuer; Peaks CLO 3, LLC as Co-Issuer; and U.S. Bank National Association (rated AA (high) with a Negative trend by DBRS Morningstar) as Trustee.

The ratings on the Notes addressed the timely payment of interest and the ultimate payment of principal in accordance with the terms of the Indenture referred to above.

For more information regarding DBRS Morningstar’s additional adjustment for select industries related to the coronavirus, please see its May 18, 2020, commentary, “CLO Risk Exposure to the Coronavirus Disease (COVID-19)” at https://www.dbrsmorningstar.com/research/361112.

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

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 DBRS Morningstar Sovereigns group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts with the baseline scenarios set forth in the following report:
https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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