DBRS Morningstar Discontinues the Ratings on the Class B-1 Loans and the Class B-2 Loans of Battalion CLO 17 Ltd.

On March 26, 2021, DBRS, Inc. (DBRS Morningstar) discontinued its provisional ratings on the Class B-1 Loans and the Class B-2 Loans of Battalion CLO 17 Ltd., pursuant to the Revolving Loan Agreement, dated as of September 24, 2020, and amended pursuant to the First Amendment, dated as of November 3, 2020, by and among the following: Brigade Capital Management LP, as the Collateral Manager; Battalion CLO 17 Ltd., as the Borrower; the Lenders from time to time party thereto; Royal Bank of Canada (rated AA (high) with a Stable trend by DBRS Morningstar), as the Administrative Agent; and Citibank, N.A. (rated AA (low) with a Stable trend by DBRS Morningstar), as the Collateral Custodian.

The discontinuations of the provisional ratings reflect the full payment of the Class B-1 Loans and the Class B-2 Loans of Battalion CLO 17 Ltd.

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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