DBRS Assigns New Rating to the Senior Credit Fund SPV I, LLC

DBRS, Inc. (DBRS) has today assigned a rating of AA (sf) to the Facility issued by Senior Credit Fund SPV I, LLC, up to the total commitment of $200,000,000, as per the Revolving Credit and Security Agreement, dated as of November 19, 2014. The Facility will be collateralized primarily by a portfolio of U.S. middle-market corporate loans and other corporate obligations. Senior Credit Fund SPV I, LLC is managed by Senior Credit Fund, LLC, a joint venture partnership formed between a private business development company managed by Goldman Sachs Asset Management, L.P. and a U.S. retirement and endowment fund. The DBRS rating on the Facility addresses Senior Credit Fund SPV I, LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date (as defined in the Revolving Credit and Security Agreement referred to above).

The rating reflects the following:

(1) The Revolving Credit and Security Agreement dated November 19, 2014.

(2) The integrity of the transaction structure.

(3) DBRS’s assessment of the portfolio quality.

(4) Adequate credit enhancement to withstand projected collateral loss rates under various cash flow stress scenarios.

(5) DBRS’s assessment of the origination, servicing and collateralized loan obligation management capabilities of Senior Credit Fund, LLC and Goldman Sachs Asset Management, L.P.

To assess portfolio credit quality, DBRS provides a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio, not rated by DBRS. Credit estimates are not ratings; rather they represent a model-driven default probability for each obligor that is used in assigning a rating to the Facility.

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

The applicable methodology is Rating Methodology for CLOs and CDOs of Large Corporate Credit, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

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