DBRS Maintains MCA Fund I Holding LLC Under Review with Positive Implications

DBRS, Inc. (DBRS) maintains the placement of the ratings of the Class B Notes and Class C Deferrable Notes (together, the Notes) issued by MCA Fund I Holding LLC as Under Review with Positive Implications. DBRS continues to monitor the rate of deleveraging of the rated notes in relation to the current net asset value of the fund.

The rating on the Class B Notes addresses 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 secured by a 100% limited partnership interest in MCA Fund I L.P. (MCA Fund), a Delaware-based special-purpose vehicle that holds a portfolio of limited partnership interests in leveraged buyout, mezzanine debt and venture capital private equity funds. As a limited partner, MCA Fund is obligated to fund capital calls. Failure to comply with a capital call can result in losses in the committed portion of a fund. MCA Fund is ultimately reliant on CMFG Life Insurance Company, via MCA Fund I Holding LLC, to fund these capital calls.

Notes:
The principal methodology is Rating U.S. Collateralized Fund Obligations Backed by Private Equity, which can be found on dbrs.com 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.

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