DBRS Discontinues Ratings on the Loans Issued by Garrison Middle Market II LP

DBRS, Inc. (DBRS) discontinued the ratings on the Class A-R Loans, Class A-T-1 Loans, Class A-T-2 Loans and Class B Loans (collectively, the Loans) issued by Garrison Middle Market II LP (Garrison). The discontinuations reflect the repayment in full of the Loans.

The Loans were issued pursuant to the Amended and Restated Credit Agreement dated as of August 10, 2016, among Garrison as Borrower; Garrison Middle Market II GP LLC as General Partner; Natixis, New York Branch, as Administrative Agent; U.S. Bank National Association as Collateral Agent and Custodian; and the Lenders party thereto.

The ratings on the Class A-R Loans, Class A-T-1 Loans and Class A-T-2 Loans addressed the timely payment of interest and the ultimate payment of principal on or before the Stated Maturity (as defined in the Amended and Restated Credit Agreement referred to above). The rating on the Class B Loans addressed the ultimate payment of interest and the ultimate payment of principal on or before the Stated Maturity (as defined in the Amended and Restated Credit Agreement referred to above).

To assess portfolio credit quality, DBRS provides a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio that is 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 principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies.

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

The rated entity or its related entities did participate in the rating process for this rating action. DBRS 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.dbrs.com or contact us at info@dbrs.com.