DBRS Upgrades and Confirms Ratings on Collateralized Fund Obligation Notes Issued by MCA Fund I Holding LLC

DBRS, Inc. (DBRS) has today upgraded and confirmed its ratings on the 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) as follows:

• Class A Notes confirmed at A (sf)
• Class B Notes upgraded to BBB (high) (sf) from BBB (sf)
• Class C Deferrable Notes upgraded to BB (high) (sf) from BB (low) (sf)
• Liquidity Facility confirmed 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 principal on or before their 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 applicable methodology is Rating U.S. Collateralized Fund Obligations Backed by Private Equity, which can be found on our website under Methodologies.

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

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.