DBRS Morningstar Discontinues Ratings on Notes Issued by Ambrose 2013-3

On June 11, 2021, pursuant to the Notice of Proposed Supplemental Indenture and Consent Solicitation dated as of March 16, 2021, related to the proposed Second Supplemental Indenture to the Indenture, dated as of April 10, 2013, as amended and supplemented from time to time (the Indenture) between Ambrose 2013-3, as Issuer and Deutsche Bank Trust Company Americas, as Indenture Trustee, DBRS Inc. (DBRS Morningstar) discontinued the ratings on the Class A2 Notes and the Class B Notes (collectively the Notes) issued by Ambrose 2013-3. The discontinuations reflect the full repayment of the Notes on May 4, 2021.

For more information regarding DBRS Morningstar’s additional adjustment for select industries related to the Coronavirus Disease (COVID-19), please see its May 18, 2020, commentary, “CLO Risk Exposure to the Coronavirus Disease (COVID-19)” at https://www.dbrsmorningstar.com/research/361112.

ESG CONSIDERATIONS
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/373262.

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

The principal methodologies were Rating CLOs and CDOs of Large Corporate Credit (February 8, 2021) and Cash Flow Assumptions for Corporate Credit Securitizations (February 8, 2021), 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 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.

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