DBRS Morningstar Downgrades and Withdraws Ratings of Revelstoke CDO I Limited

DBRS Limited (DBRS Morningstar) downgraded the ratings of the notes issued by Revelstoke CDO I Limited, following the execution of the issuer default notice on December 17, 2020, as follows:

-- Class A-1 Senior Variable Rate Secured Notes due 2020 to D (sf) from CC (sf)
-- Class A-2 Senior Variable Rate Secured Notes due 2026 to D (sf) from C (sf)
-- Class A-3 Senior Variable Rate Secured Notes due 2033 to D (sf) from C (sf)

DBRS Morningstar subsequently discontinued and withdrew the ratings on the notes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodology is Canadian Surveillance Methodology for CDOs of Large Corporate Credit (October 30, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

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.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577