DBRS Confirms Ratings on the Loans issued by Brightwood Capital Fund III Holdings SPV, LLC and Removes Under Review with Positive Implications

DBRS, Inc. (DBRS) has today confirmed a rating of AA (sf) on the Loans contemplated to be issued under the Brightwood Capital Fund III Holdings SPV, LLC revolving credit facility, up to the Total Commitment of $150,000,000, as per the Credit Agreement, dated as of August 8, 2014.

The Loans will be collateralized primarily by a portfolio of U.S. middle market corporate loans and other corporate obligations. Brightwood Capital Fund III Holdings SPV, LLC is managed by Brightwood Capital Advisors LLC.

The DBRS rating on the Loans addresses Brightwood Capital Fund III Holdings SPV, LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date (as defined in the Credit Agreement referred to above).

DBRS has also removed the Under Review with Positive Implications status on the Loans. The rating action reflects the conclusion of the impact review of the updates to the Rating CLOs and CDOs of Large Corporate Credit methodology. Updates to the methodology include (a) additional recovery rates for non-investment grade rating categories and (b) minor updates to country tiers.

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

The applicable methodology is Rating CLOs and CDOs of Large Corporate Credit (April 2015), which can be found on our website under Methodologies.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.