KBRA Assigns Ratings to the Senior Loans, Mezzanine Loans, and Junior Loans Issued by Keys Investor II, LLC

KBRA assigns an 'A-' rating to the Senior Loans, 'BBB-' rating to the Mezzanine Loans and 'B-' rating to the Junior Loans (together, the "Rated Loans") issued by Keys Investor II, LLC (the "Issuer" or "SPV") legally owned and controlled by Oceanview US Holdings ("OVUSH"). The outlook on each class of Rated Loans is 'Stable'. The total issuance amount, inclusive of the Subordinated Notes, is $150.0 million, with initial advance rates of 55.5%, 73.0% and 90.0% for the Senior Loans, Mezzanine Loans, and Junior Loans, respectively.

The net proceeds of the transaction will be initially invested in an asset portfolio consisting of (1) limited partnership interests ("LP Interests") in Crown Liquidity Solutions Master S.C.Sp and (2) eligible investments in private credit loans. Distributions from the LP Interests and private credit loans are intended to fund capital calls and other fund obligations, expenses and interest on and repayment of the Rated Loans.

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Methodologies

• Funds: Investment Fund Debt Global Rating Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009305

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