Colt SPV S.r.l.: Rating Report

DBRS Ratings GmbH (DBRS Morningstar) assigned credit ratings of AA (sf) and B (high) (sf) to the Class A-2 and Class B-2 Notes, respectively, issued by Colt SPV S.r.l. (Colt SPV or the Issuer) in the context of a restructuring of the transaction (the Restructuring). DBRS Morningstar also upgraded the credit rating on the existing Class A Notes (together with the Class A-2 Notes, the Senior Notes) to AA (sf) from A (sf) and confirmed the credit rating on the Class B Notes (together with the Class B-2 Notes, the Mezzanine Notes, and together with the Senior Notes, the Rated Notes) at B (high) (sf). DBRS Morningstar did not rate the Class J and Class J-2 Notes (together with the Rated Notes, the Notes).