DBRS Finalizes Provisional Ratings on Collateralized Fund Obligation Notes Issued by MCA Fund I Holding LLC

DBRS has today finalized its provisional ratings on the following classes of collateralized fund obligation (CFO) notes issued by MCA Fund I Holding LLC, as well as the Liquidity Loan Facility between MCA Fund I Holding LLC as Issuer and Barclays Bank PLC as Liquidity Lender (the Liquidity Facility):

-- $130 million of Class A Notes at A (sf)
-- $100 million of Class B Notes at BBB (sf)
-- $20 million of Class C Deferrable Notes at BB (low) (sf)
-- $20 million Liquidity Facility at A (sf)

The ratings on the Class A Notes, Class B Notes and the Liquidity Facility address the timely payment of interest and the ultimate payment of principal on or before their respective maturity. The rating on the Class C Deferrable Notes addresses the ultimate payment of interest and the ultimate payment of principal on or before the Notes’ maturity.

The notes are backed by a portfolio of limited partnership interests in leveraged buyout, mezzanine debt and venture capital private equity funds. Each class of notes is able to withstand a percentage of tranche defaults from a Monte-Carlo asset analysis commensurate with its respective rating.

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

The principal methodology is Rating U.S. Collateralized Fund Obligations Backed by Private Equity, which can be found on our website under Methodologies.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.