DBRS Upgrades Rating on the Revolving Credit Facility Issued by TPG SL SPV and Removes Under Review with Positive Implications

DBRS, Inc. (DBRS) has today upgraded the rating on the Revolving Credit Facility (the Facility) issued by TPG SL SPV, LLC to AAA (sf) from AA (high) (sf). The rating addresses the amount drawn from the Facility as of the Commitment Termination Date on January 21, 2015. DBRS’s analysis considered the current composition of Collateral Obligations after the transaction exited the Reinvestment Period after January 21, 2015.

The Facility is collateralized primarily by a portfolio of U.S. middle market corporate loans and other corporate obligations. The Facility is managed by TPG Specialty Lending, Inc.

The DBRS rating addresses TPG SL SPV, LLC’s ability to make timely payments of interest and ultimate payment of principal on or before the Final Maturity Date of the Facility.

DBRS has also removed the Under Review with Positive Implications status on the Revolving Credit Facility. 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.