DBRS and Morningstar Credit Ratings Confirm U.S. ABS Cell Tower Asset Class Coverage

On July 11, 2019, Morningstar Credit Ratings, LLC (MCR) and DBRS, Inc. (DBRS; together, DBRS Morningstar) published their first announcement regarding the integration of the analytical teams focused on the U.S. Structured Finance market. Today’s press release is the twenty-second in a series to keep the market updated on analytical integration decisions and is focused on the U.S. asset-backed securities (ABS) sector.

<a href="https://www.dbrs.com/research/347875/" target="_blank">"DBRS and Morningstar Credit Ratings Announce Analytical Integration Process and Ratings Overlap."</a>

CELL TOWER ASSET CLASS
Following an analysis of the Cell Tower asset class, DBRS Morningstar concluded that, effective today, any new rating engagements in this asset class will be rated and monitored by DBRS Morningstar using MCR’s U.S. ABS General Ratings Methodology. This methodology is available on www.dbrs.com:

<a href="https://www.dbrs.com/research/355088/" target="_blank">"U.S. ABS General Methodology"</a>

CELL TOWER ASSET CLASS TRANSACTIONS PLACED UNDER REVIEW
As a result of the selection of MCR’s U.S. ABS General Ratings Methodology for use by DBRS Morningstar for Cell Tower ratings, MCR has placed two outstanding transactions and five outstanding classes in the asset class Under Review – Analytical Integration Review. The rating actions on such ratings were taken in relation to the combination of MCR and DBRS into a single U.S. registration. DBRS Morningstar expects to assign new ratings to the outstanding MCR Cell Tower asset class transactions.

For more information related to the rating actions taken on the Cell Tower asset class, please see the following rating announcement:

<a href="https://ratingagency.morningstar.com/PublicDocDisplay.aspx?i=tnjt4KEqJL4%3d&m=&s=LviRtUKXqs8kml5dHt7FTeE2SZmY0Fvqd4iX49Mk%2f9UapyiFTEO6TA%3d%3d"blank">"Morningstar Credit Ratings Places Ratings on Vertical Bridge Secured Tower Revenue Notes Series 2016-2 and Vertical Bridge Secured Tower Revenue Notes Series 2018-2 Under Review"</a>

DBRS Morningstar methodologies, including any MCR methodology selected for use by DBRS Morningstar as part of the analytical integration process, are publicly available on its website www.dbrs.com under Methodologies & Criteria.

For analytical inquiries regarding this press release, please contact Chris D’Onofrio, Managing Director, U.S. ABS.

DBRS
Chris D’Onofrio
cdonofrio@dbrs.com
+1 212 806 3284

For rating engagement inquiries regarding the U.S. ABS asset class coverage or any asset classes not listed, please contact Sean O’Connor, Managing Director, Head of Global Business Development.

DBRS
Sean O’Connor
soconnor@dbrs.com
+1 212 806 3252

For more information on the transactions rated by DBRS, please visit http://www.dbrs.com or contact DBRS at info@dbrs.com. For transactions rated by MCR, please visit http://www.morningstarcreditratings.com or contact ratingagency@morningstar.com.

DBRS
Stephen Bernard
sbernard@dbrs.com
+1 212 806 3240

-- Stay tuned for further Integration Updates --