DBRS Morningstar Takes Rating Actions on the Secured Tower Revenue Notes Series 2018-2 and 2020-2 Issued by Vertical Bridge CC, LLC

On November 8, 2022, DBRS, Inc. (DBRS Morningstar) finalized its Appendix X: U.S. Cell Tower ABS of the “Rating U.S. Structured Finance Transactions” methodology, after the closure of a request for comment period. DBRS Morningstar also finalized its new exhibits in the “Operational Risk Assessment for U.S. ABS Originators” and “Operational Risk Assessment for U.S. ABS Servicers” methodologies for the U.S. Cell Tower ABS asset class and a new Appendix XXV: U.S. Cell Tower ABS of the “DBRS Morningstar Master U.S. ABS Surveillance” methodology (collectively, the Methodology Appendices).

As a result of the application of the finalized Methodology Appendices, DBRS Morningstar took the following rating actions on the debt issued by Vertical Bridge CC, LLC.

Secured Tower Revenue Notes Series 2018-2:
-- Class A Notes upgraded to AA (low) (sf) from A (high) (sf)
-- Class B Notes upgraded to A (sf) from A (low) (sf)
-- Class C Notes confirmed at BBB (sf)

Secured Tower Revenue Notes Series 2020-2:
-- Class A Notes upgraded to AA (low) (sf) from A (high) (sf)
-- Class B Notes upgraded to A (sf) from A (low) (sf)
-- Class C Notes confirmed at BBB (sf)

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance 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 https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

Notes:
The principal methodologies are DBRS Morningstar Master U.S. ABS Surveillance (November 8, 2022) and Rating U.S. Structured Finance Transactions (November 8, 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 not 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.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

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

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277