KBRA Assigns Preliminary Ratings to DigitalBridge Issuer, LLC Secured Fund Fee Revenue Notes Series 2021-1 (Colony Capital)

Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to the Secured Fund Fee Revenue Notes Series 2021-1 issued by DigitalBridge Issuer, LLC and DigitalBridge Co-Issuer, LLC. The Notes will be secured by digital investment management fees and carried interest from current and future investment vehicles managed by DigitalBridge Group, Inc. (“DigitalBridge” and formerly known as “Digital Colony” or “Colony Capital, Inc.”) as well as all existing digital balance sheet investments of the Company.

DigitalBridge Group, Inc. is a leading global investment firm with a strategic focus on digital infrastructure investments. As of March 31, 2021, the Company has more than $32 billion of digital AUM consisting of third-party capital investments in digital managed funds, digital operating balance sheet investments, and other digital investment vehicles and equity commitments into the DigitalBridge flagship digital funds.

The rated Notes will be issued in two classes, with the Class A-2 Secured Fund Fee Revenue Notes expected to be drawn in full at closing as well as Class A-1 Variable Funding Notes (VFN) that can be drawn, repaid, and subsequently re-drawn over the transaction’s expected five-year term.

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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.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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