RRE 6 Mortgage Administration DAC — Moody’s assigns a definitive score to 1 class of notes issued by RRE 6 Mortgage Administration DAC

RRE 1 Loan Management Designated Activity Company -- Moody's assigns provisional ratings to three classes of refinancing notes to be issued by RRE 1 Loan Management Designated Activity Company

Rating action: Moody & # 39; s assigns a final rating to a bond class issued by RRE 6 Loan Management. DACGlobal Credit Research – March 04, 2021 Frankfurt am Main, March 4, 2021 – Moody's Investors Service ("Moody's") announced that it has assigned the final rating for RRE 6 Loan Management DAC ( the "issuer") bonds issued: …. EUR 240,000,000 Senior Secured Floating Rate Notes of class A-1 with maturity 2035, final rating assigned to Aaa (sf) RATINGS RATIONAL Based on a consideration of the risks, the justification for the rating is linked to the portfolio and structure of the CLO as described in our methodology. The issuer is a managed cash flow CLO. At least 95% of the portfolio must consist of senior unsecured obligations and up to 5% of the portfolio can consist of senior unsecured obligations, second lien loans, mezzanine obligations and high yield bonds. The portfolio is expected to be increased by 80% as of the reporting date and consists mainly of corporate loans to borrowers based in Western Europe. The rest of the portfolio will be acquired during the 6 month ramp-up period according to the portfolio guidelines. Redding Ridge Asset Management (UK) LLP ("Redding Ridge") will manage the CLO. It will manage the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activities including discretionary trading during the four year reinvestment period of the Transaction. According to this, purchases are permitted under certain restrictions using capital proceeds from unscheduled capital payments and proceeds from sales of credit risk obligations or credit enhanced obligations.The Issuer has EUR 38,000,000 Senior Secured Floating Rate Notes of Class A-2 due in 2035, EUR 40,000,000 Senior Secured Deferrable Floating Rate Notes due 2035, EUR 26,000,000 C Senior Secured Deferrable Floating Rate Notes due 2035, EUR 16,000,000 D Senior Secured Deferrable EUR issued Floating-rate bonds due 2035 and subordinated bonds in the amount of EUR 42,000,000, which are not rated. The transaction includes interest rate and face value checks that, when triggered, divert interest and capital proceeds to repay the debt securities in order of seniority.Measures to contain and the weak global economic outlook continue to disrupt economies and credit markets across sectors and regions. Our analysis has taken into account the impact of current weak European economic activity and a gradual recovery for the coming months on corporate asset performance. Although economic recovery is underway, it is weak and its continuation will be closely linked to containing the virus. As a result, the level of uncertainty surrounding our forecasts is unusually high. We consider the coronavirus outbreak a social risk under our ESG given its significant public health and safety impact. Methodology on which the assessment measure is based: The one in This rating was "Moody's Global Approach to Rating Collateralized Loan Obligations", published in December 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid = PBS_1242167. Alternatively, a copy of this method can be found on the Evaluation Methods page at www.moodys.com. Factors that would lead to an upgrade or downgrade of the rating: The performance of the rated bonds is subject to uncertainties. The performance of the Notes will depend on the performance of the underlying portfolio, which in turn depends on potentially changing economic and credit conditions. The investment decisions of the collateral manager and the administration of the transaction will also affect the performance of the Notes. Moody's modeled the transaction using a cash flow model based on the binomial expansion technique as described in section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating method published in December 2020. # 39; s used the following basic modeling assumptions: Nominal amount: EUR 400,000,000 Diversity Score (1): 39 Weighted average rating factor (WARF): 3106 Weighted average spread (WAS): 3.60% weighted average coupon (3.60% weighted average coupon ( WAS) WAC): 5.00% Weighted Average Recovery Rate (WARR): 41.00% Weighted Average Lifetime (WAL): 9.0 years (1) The Diversity Score for the Covenanted Base Case is 40, but we have a diversity Score of 39 assumed, as the transaction documentation allows. So that the diversity score is rounded up to the nearest whole number, during the usual convention on is to round down to the nearest whole number debtors residing in countries with a local currency ceiling (LCC) of A1 or below. According to the portfolio restrictions and eligibility criteria, exposures in countries with an LCC from A1 to A3 cannot exceed 10% and the debtors cannot be resident in countries with an LCC below A3. For more details on Moody's analysis of this transaction, please refer to the relevant New Issue Report, available shortly on Moodys.com. REGULATORY DISCLOSURES Please refer to the Methodological Assumptions and Sensitivity to Assumptions sections of the Disclosure Form for more details on Moody's key rating assumptions and sensitivity analyzes. Moody & # 39; s evaluation symbols and definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. For more information on the representations and guarantees and enforcement mechanisms available to investors, please visit http: // www. Moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1268246. The analysis relies on an assessment of the collateral characteristics to determine the distribution of collateral losses, that is, the function that correlates with an assumption about the probability of occurrence for each level of possible losses in the collateral. In a second step, Moody & # 39; s assesses each possible collateral loss scenario using a model that emulates the relevant structural features in order to derive payments and thus the final potential losses for each assessed instrument. The loss that a valued instrument suffers in each collateral loss scenario, weighted with assumptions about the probability of events occurring in this scenario, leads to the expected loss of the valued instrument. Moody's quantitative analysis includes an assessment of scenarios in which stress factors contribute to the sensitivity of ratings and takes into account the likelihood of severe collateral losses or impaired cash flows. Moody & # 39; s weights the impact on the rated instruments based on its assumptions about the likelihood of events occurring in such scenarios. For ratings issued for a program, series, category / class of debt or security, this announcement contains certain regulatory information in relation to each rating of a subsequently issued bond or note of the same series, category / class of debt, security or security under a program for which ratings are derived solely from existing ratings in accordance with Moody's rating practices. For ratings issued by a support provider, this announcement contains certain regulatory information in relation to the creditworthiness measure of the support provider and in relation to each individual rating action for securities whose creditworthiness is derived from the creditworthiness of the support provider . 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