DBRS Morningstar Discontinues Ratings on Cerberus FSBA Levered LLC

DBRS, Inc. (DBRS Morningstar) discontinued its ratings on the Class A-R Loans and Class A-T Loans (together, the Loans) issued by Cerberus FSBA Levered LLC.

The Loans were issued pursuant to the Credit Agreement dated October 11, 2016 (as amended by Amendment No. 1 dated July 26, 2017; Amendment No. 2 dated March 6, 2018; Amendment No. 3 dated March 4, 2020; Amendment No. 4 dated June 2, 2020; Amendment No. 5 dated May 17, 2021; and Amendment No. 6 dated May 31, 2022), among Cerberus FSBA Levered LLC as the Borrower; Cerberus FSBA Holdings LLC as the Servicer; Natixis, New York Branch as the Administrative Agent; U.S. Bank National Association (rated AA (high) with a Stable trend by DBRS Morningstar) as the Collateral Agent and Custodian; and the Lenders party thereto.

RATING RATIONALE
The rating action is a result of the full repayment of the Class A-R Loans and the Class A-T Loans on the August 29, 2022, payment date.

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)” (https://www.dbrsmorningstar.com/research/361112).

There were no Environmental, Social, or Governance (ESG) factor(s) that had a significant or relevant effect on the credit analysis.

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 www.dbrsmorningstar.com/research/396929 (May 17, 2022).

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

The principal methodologies are Rating CLOs and CDOs of Large Corporate Credit (January 26, 2022) and Cash Flow Assumptions for Corporate Credit Securitizations (January 26, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as 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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