Vault DI Issuer LLC: Rating Report

On July 21, 2022, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the rating of the Series 2021 Class A-1 $25 million variable funding notes (Class A-1 Notes) and the $225 million Series 2021 Class A-2 term notes (Class A-2 Notes, and together with the Class A-1 Notes, the Senior Notes) at BBB and changed the trend to Negative from Stable. The Senior Notes are fully amortizing with a 25-year legal maturity, issued by Vault DI Issuer LLC, and are backed by the portfolio of seven data centres—located in generally national strong data centre markets and with generally attractive power and redundancy configurations—and the long-term leases in place with the tenants of the data centres.