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/raid1/www/Hosts/bankrupt/TCR_Public/190901.mbx T R O U B L E D C O M P A N Y R E P O R T E R Sunday, September 1, 2019, Vol. 23, No. 243 Headlines CABELA'S CREDIT 2015-II: Fitch Affirms BB+sf Rating on Cl. D Notes CITIGROUP COMMERCIAL 2017-C4: Fitch Affirms Class H-RR Certs at B- GOLUB CAPITAL 43B: Moody's Gives Ba3 Rating on $24.4MM Cl. E Notes OZLM LTD XXIV: Moody's Assigns Ba3 Rating on $18MM Class D Notes VIBRANT CLO IV: Moody's Assigns Ba3 Rating on $15MM Cl. E-R Notes YORK LTD CLO-6: Moody's Assigns Ba3 Rating on $21.2MM Class E Notes ********* CABELA'S CREDIT 2015-II: Fitch Affirms BB+sf Rating on Cl. D Notes ------------------------------------------------------------------ Fitch Ratings has affirmed the long-term ratings assigned to Cabela's Credit Card Master Note Trust. The Rating Outlooks remain Stable. KEY RATING DRIVERS Receivables' Performance and Collateral Characteristics: Chargeoffs have remained below crisis-level peaks. The current 12-month average gross chargeoff rate as of the August 2019 distribution period is 3.47% compared to 3.60% the prior year. However, following the deceleration of charged-off accounts per Cabela's CCMNT Form 8-K filed with the SEC on Oct. 9, 2018, the chargeoff rates for November and December 2018 registered 0.24% and 1.80%, respectively, and are artificially deflating the current 12-month average. Disregarding the aforementioned low chargeoff rates, chargeoff performance has displayed an upward trend over the past year. Therefore, due to the higher chargeoffs and the expected stable performance at the current levels Fitch has revised its chargeoff steady state to 6.50% from 6.00%. Monthly payment rate (MPR), a measure of how quickly consumers are paying off their credit card debts, has decreased slightly year-over-year. Current 12-month average MPR is 33.03% compared to 33.31% one year ago and 34.36% two years ago. Due to lower level performance over the past three years, higher proportion of revolving receivables, and general softening of the retail sector Fitch has revised its MPR steady state to 25.00% from 28.00%. The current 12-month average gross yield as of the August 2019 distribution period is 21.59% compared to 21.44% last year and 20.25% two years ago. Gross yield has increased over the past few years, therefore Fitch has increased its gross yield steady state to 16.00% from 15.00%, which incorporates Fitch's interchange haircut in case interchange is impacted in the future by regulatory or competitive factors. Credit enhancement (CE) continues to be sufficient with robust loss multiples and are in line with the current ratings given each rating category. The Stable Outlook on the notes reflects Fitch's expectation that performance and loss multiples will remain supportive of these ratings. Originator and Servicer Quality: Fitch believes Capital One Bank, N.A. to be an effective and capable originator and servicer given its track record, as evidenced by historical delinquency and loss performance of securitized receivables. Counterparty Risk: Fitch's ratings of the notes are dependent on the financial strength of certain counterparties. Fitch believes this risk is currently mitigated as evidenced by the ratings of the applicable counterparties to the transactions. Interest Rate Risk: Interest rate risk is currently mitigated by the available CE. CE totaling 15.0% supporting the class A notes is derived from 8.0% subordination of class B notes, 4.25% subordination of class C notes, 2.75% subordination of class D notes and an unfunded cash collateral account (CCA). Class B notes are supported by a total of 7.0% CE, derived from 4.25% subordination of class C notes, 2.75% subordination of class D notes and an unfunded CCA. Class C notes are supported by a total of 2.75% subordination of class D notes, a spread account and an unfunded CCA. Class D notes are supported by a spread account and an unfunded CCA. Funds in the spread account are for the benefit of class C and D notes only. Fitch analyzed characteristics of the underlying collateral to better assess overall asset performance. This supplements Fitch's analysis of the originator's historical data when determining the following steady state performance assumptions and stresses: Steady State: Annualized Chargeoffs - 6.50% from 6.00%; Monthly Payment Rate (MPR) - 25.00% from 28.00%; Annualized Gross Yield - 16.00% from 15.00%; Purchase Rate - 100.00%. Rating Level Stresses (for 'AAAsf'/'AAsf'/'BBB+sf'/BB+sf', respectively): Chargeoffs (increase) - 4.50x / 3.75x / 2.50x / 1.92x; Payment Rate (% decrease) - 55.00% / 50.60% / 41.80% / 33.73%; Gross Yield (% decrease) - 35.00% / 30.00% / 21.67% / 16.67%; Purchase Rate (% decrease) - 65.00% / 60.00% / 46.67% / 41.67%. RATING SENSITIVITIES Rating sensitivity to increased charge-off rate: Current ratings for Class A, Class B, Class C, and Class D (steady state: 6.50%): 'AAAsf'; 'AAsf'; 'BBB+sf'; 'BB+sf'; Increase base case by 25%: 'AAAsf'; 'AA-sf'; 'BBB+sf'; BBsf; Increase base case by 50%: 'AAAsf'; 'A+sf'; 'BBBsf'; BB-sf; Increase base case by 75%: 'AA+sf'; 'A-sf'; 'BBB-sf'; Bsf; Rating sensitivity to reduced purchase rate: Current ratings for Class A, Class B, Class C, and Class D (100% base assumption): 'AAAsf'; 'AAsf'; 'BBB+sf'; 'BB+sf'; Reduce base case by 50%: 'AAAsf'; 'AAsf'; 'BBB+sf'; 'BB+sf'; Reduce base case by 75%: 'AAAsf'; 'AAsf'; 'BBB+sf'; 'BB+sf'; Reduce base case by 100%: 'AAAsf'; 'A+sf'; 'BBB+sf'; 'BBsf'; Rating sensitivity to increased charge-off rate and reduced MPR: Current ratings for Class A, Class B, Class C, and Class D (chargeoff steady state: 6.50%; MPR steady state: 25.00%): 'AAAsf'; 'AAsf'; 'BBB+sf'; 'BB+sf'; Increase charge-off rate by 25% and reduce MPR by 15%: 'AAAsf'; 'A+sf'; 'BBB+sf'; 'BBsf'; Increase charge-off rate by 50% and reduce MPR by 25%: 'AA+sf'; 'BBB+sf'; 'BBB-sf'; 'B+sf'; Increase charge-off rate by 75% and reduce MPR by 35%: 'A+sf'; 'BBB-sf'; 'BB-sf'; lower than 'Bsf'; USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. Fitch has affirmed the following ratings: Cabela's Credit Card Master Note Trust Series 2013-I: -- Class A at 'AAAsf'; Outlook Stable; -- Class B at 'AAsf'; Outlook Stable; -- Class C at 'BBB+sf'; Outlook Stable; -- Class D at 'BB+sf'; Outlook Stable; Cabela's Credit Card Master Note Trust Series 2015-I: -- Class A-1 at 'AAAsf'; Outlook Stable; -- Class A-2 at 'AAAsf'; Outlook Stable; -- Class B at 'AAsf'; Outlook Stable; -- Class C at 'BBB+sf'; Outlook Stable; -- Class D at 'BB+sf'; Outlook Stable; Cabela's Credit Card Master Note Trust Series 2015-II: -- Class A-1 at 'AAAsf'; Outlook Stable; -- Class A-2 at 'AAAsf'; Outlook Stable; -- Class B at 'AAsf'; Outlook Stable; -- Class C at 'BBB+sf'; Outlook Stable; -- Class D at 'BB+sf'; Outlook Stable. CITIGROUP COMMERCIAL 2017-C4: Fitch Affirms Class H-RR Certs at B- ------------------------------------------------------------------ Fitch Ratings has affirmed 16 classes of Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, series 2017-C4. CGCMT 2017-C4 Class A-1 LT AAAsf Affirmed; previously at AAAsf Class A-2 LT AAAsf Affirmed; previously at AAAsf Class A-3 LT AAAsf Affirmed; previously at AAAsf Class A-4 LT AAAsf Affirmed; previously at AAAsf Class A-AB LT AAAsf Affirmed; previously at AAAsf Class A-S LT AAAsf Affirmed; previously at AAAsf Class B LT AA-sf Affirmed; previously at AA-sf Class C LT A-sf Affirmed; previously at A-sf Class D LT BBBsf Affirmed; previously at BBBsf Class E-RR LT BBB-sf Affirmed; previously at BBB-sf Class F-RR LT BB+sf Affirmed; previously at BB+sf Class G-RR LT BB-sf Affirmed; previously at BB-sf Class H-RR LT B-sf Affirmed; previously at B-sf Class X-A LT AAAsf Affirmed; previously at AAAsf Class X-B LT A-sf Affirmed; previously at A-sf Class X-D LT BBBsf Affirmed; previously at BBBsf KEY RATING DRIVERS Stable Performance and Loss Expectations: The affirmations reflect the overall stable performance and loss expectations of the pool, which remains in line with Fitch's issuance expectations. There have been no specially serviced loans since issuance and no loans have been designated as Fitch Loans of Concern. Minimal Changes to Credit Enhancement: As of the August 2019 distribution date, the pool's aggregate principal balance has been paid down by 0.8% to $969.1 million from $977.1 million at issuance. Nineteen loans (42.2% of pool) are full-term interest-only and 13 loans (26.3%) currently remain in their partial-interest-only periods (compared with 19 loans [32.5%] at issuance). The transaction is scheduled to pay down by 7.5% of the original pool balance prior to maturity. Loan maturities are concentrated in 2022 (11.1%) and 2027 (88.9%). Cumulative interest shortfalls totaling $1,690 are currently impacting the non-rated class J-RR. ADDITIONAL CONSIDERATIONS Pool Concentrations: Loans backed by office properties represent 27.8% of the pool, including four loans (15.5%) in the top 15. Loans secured by retail properties comprise 25.5% of the pool, including four loans (12.7%) in the top 15. The largest retail loan is secured by the Simon owned Pleasant Prairie Premium Outlets (4.2%) in Pleasant Prairie, WI, which reported sales of $504 psf as of TTM June 2019. Regional mall exposure consists of the Mall of Louisiana (2.9%) located in Baton Rouge, LA, which has exposure to Sears, Macy's, JCPenney and Dillard's as non-collateral tenants and Dick's Sporting Goods, Nordstrom Rack and DSW as collateral anchors. Inline sales were $547 psf ($452 psf excluding Apple) as of TTM June 2019. Loans secured by hotel properties compose 18.6% of the pool, including three loans (12.7%) in the top 15. RATING SENSITIVITIES The Rating Outlooks on all classes remain Stable. Fitch does not foresee positive or negative ratings migration until a material economic or asset-level event changes the transaction's overall portfolio-level metrics. GOLUB CAPITAL 43B: Moody's Gives Ba3 Rating on $24.4MM Cl. E Notes ------------------------------------------------------------------ Moody's Investors Service assigned ratings to six classes of notes issued by Golub Capital Partners CLO 43(B), Ltd. Moody's rating action is as follows: US$248,000,000 Class A Senior Secured Floating Rate Notes due 2032 (the "Class A Notes"), Definitive Rating Assigned Aaa (sf) US$30,000,000 Class B-1 Senior Secured Floating Rate Notes due 2032 (the "Class B-1 Notes"), Definitive Rating Assigned Aa2 (sf) US$15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032 (the "Class B-2 Notes"), Definitive Rating Assigned Aa2 (sf) US$20,000,000 Class C Secured Deferrable Floating Rate Notes due 2032 (the "Class C Notes"), Definitive Rating Assigned A2 (sf) US$25,000,000 Class D Secured Deferrable Floating Rate Notes due 2032 (the "Class D Notes"), Definitive Rating Assigned Baa3 (sf) US$24,400,000 Class E Secured Deferrable Floating Rate Notes due 2032 (the "Class E Notes"), Definitive Rating Assigned Ba3 (sf) The Class A Notes, the Class B-1 Notes, the Class B-2 Notes, the Class C Notes, the Class D Notes and the Class E Notes are referred to herein, collectively, as the "Rated Notes." RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in its methodology. Golub 43(B) is a managed cash flow CLO. The issued notes will be collateralized primarily by broadly syndicated senior secured corporate loans. At least 95% of the portfolio must consist of senior secured loans, cash and eligible investments, and up to 5% of the portfolio may consist of second lien loans and senior unsecured loans. The portfolio is approximately 90% ramped as of the closing date. OPAL BSL LLC will direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the Rated Notes, the Issuer issued subordinated notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in March 2019. For modeling purposes, Moody's used the following base-case assumptions: Par amount: $400,000,000 Diversity Score: 65 Weighted Average Rating Factor (WARF): 2978 Weighted Average Spread (WAS): 3.3% Weighted Average Coupon (WAC): 6.5% Weighted Average Recovery Rate (WARR): 46.5% Weighted Average Life (WAL): 9 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in March 2019. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Rated Notes is subject to uncertainty. The performance of the Rated Notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Rated Notes. OZLM LTD XXIV: Moody's Assigns Ba3 Rating on $18MM Class D Notes ---------------------------------------------------------------- Moody's Investors Service assigned ratings to five classes of notes issued by OZLM XXIV, Ltd. Moody's rating action is as follows: US$4,000,000 Class X Senior Secured Floating Rate Notes due 2032 (the "Class X Notes"), Assigned Aaa (sf) US$219,000,000 Class A-1A Senior Secured Floating Rate Notes due 2032 (the "Class A-1A Notes"), Assigned Aaa (sf) US$25,000,000 Class A-1B Senior Secured Fixed Rate Notes due 2032 (the "Class A-1B Notes"), Assigned Aaa (sf) US$16,000,000 Class A-1C Senior Secured Floating Rate Notes due 2032 (the "Class A-1C Notes"), Assigned Aaa (sf) US$18,000,000 Class D Secured Deferrable Floating Rate Notes due 2032 (the "Class D Notes"), Assigned Ba3 (sf) The Class X Notes, the Class A-1A Notes, the Class A-1B Notes, the Class A-1C Notes and the Class D Notes are referred to herein, collectively, as the "Rated Notes." RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in its methodology. OZLM XXIV is a managed cash flow CLO. The issued notes will be collateralized primarily by broadly syndicated senior secured corporate loans. At least 90.0% of the portfolio must consist of senior secured loans and eligible investments, and up to 10.0% of the portfolio may consist of second lien loans and unsecured loans. The portfolio is approximately 92.5% ramped as of the closing date. Och-Ziff Loan Management LP will direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the Rated Notes, the Issuer issued five other classes of secured notes and one class of subordinated notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in March 2019. For modeling purposes, Moody's used the following base-case assumptions: Par amount: $400,000,000 Diversity Score: 60 Weighted Average Rating Factor (WARF): 2870 Weighted Average Spread (WAS): 3.60% Weighted Average Coupon (WAC): 6.00% Weighted Average Recovery Rate (WARR): 47.0% Weighted Average Life (WAL): 9 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in March 2019. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Rated Notes is subject to uncertainty. The performance of the Rated Notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Rated Notes. VIBRANT CLO IV: Moody's Assigns Ba3 Rating on $15MM Cl. E-R Notes ----------------------------------------------------------------- Moody's Investors Service assigned ratings to six classes of CLO refinancing notes issued by Vibrant CLO IV, Ltd. Moody's rating action is as follows: US$249,000,000 Class A-1-R Senior Secured Floating Rate Notes Due 2032 (the "Class A-1-R Notes"), Assigned Aaa (sf) US$16,300,000 Class A-2-R Senior Secured Floating Rate Notes Due 2032 (the "Class A-2-R Notes"), Assigned Aaa (sf) US$44,600,000 Class B-R Senior Secured Floating Rate Notes Due 2032 (the "Class B-R Notes"), Assigned Aa2 (sf) US$18,400,000 Class C-R Secured Deferrable Floating Rate Notes Due 2032 (the "Class C-R Notes"), Assigned A2 (sf) US$24,750,000 Class D-R Secured Deferrable Floating Rate Notes Due 2032 (the "Class D-R Notes"), Assigned Baa3 (sf) US$15,000,000 Class E-R Secured Deferrable Floating Rate Notes Due 2032 (the "Class E-R Notes"), Assigned Ba3 (sf) RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in its methodology. The Issuer is a managed cash flow collateralized loan obligation (CLO). The issued notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. At least 92.5% of the portfolio must consist of first lien senior secured loans, cash, and eligible investments, and up to 7.5% of the portfolio may consist of second lien loans and unsecured loans. DFG Investment Advisers, Inc. will continue to direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's extended five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. The Issuer has issued the Refinancing Notes on August 22, 2019 in connection with the refinancing of all classes of the secured notes originally issued on June 10, 2016. On the Refinancing Date, the Issuer used proceeds from the issuance of the Refinancing Notes to redeem in full the Refinanced Original Notes. On the Original Closing Date, the issuer also issued one class of subordinated notes that remains outstanding. In addition to the issuance of the Refinancing Notes, a variety of other changes to transaction features will occur in connection with the refinancing. These include: extension of the reinvestment period; extensions of the stated maturity and non-call period; changes to certain collateral quality tests; and changes to the overcollateralization test levels. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in March 2019. The key model inputs Moody's used in its analysis, such as par, weighted average rating factor, diversity score and weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Performing par and principal proceeds balance: $407,358,066 Defaulted par: $1,100,000 Diversity Score: 68 Weighted Average Rating Factor (WARF): 2780 Weighted Average Spread (WAS): 3.6% Weighted Average Recovery Rate (WARR): 46.0% Weighted Average Life (WAL): 9 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in March 2019. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Refinancing Notes is subject to uncertainty. The performance of the Refinancing Notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Refinancing Notes. YORK LTD CLO-6: Moody's Assigns Ba3 Rating on $21.2MM Class E Notes ------------------------------------------------------------------- Moody's Investors Service assigned ratings to five classes of notes issued by York CLO-6 Ltd. Moody's rating action is as follows: US$252,000,000 Class A-1 Floating Rate Notes due 2032 (the "Class A-1 Notes"), Assigned Aaa (sf) US$42,000,000 Class B Floating Rate Notes due 2032 (the "Class B Notes"), Assigned Aa2 (sf) US$19,200,000 Class C Deferrable Floating Rate Notes due 2032 (the "Class C Notes"), Assigned A2 (sf) US$25,600,000 Class D Deferrable Floating Rate Notes due 2032 (the "Class D Notes"), Assigned Baa3 (sf) US$21,200,000 Class E Deferrable Floating Rate Notes due 2032 (the "Class E Notes"), Assigned Ba3 (sf) The Class A-1 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes are referred to herein, collectively, as the "Rated Notes." RATINGS RATIONALE The rationale for the ratings is based on a consideration of the risks associated with the CLO's portfolio and structure as described in its methodology. York CLO-6 is a managed cash flow CLO. The issued notes will be collateralized primarily by broadly syndicated senior secured corporate loans. At least 92.5% of the portfolio must consist of first lien senior secured loans, cash, and eligible investments, and up to 7.5% of the portfolio may consist of second lien loans and unsecured loans. The portfolio is approximately 92% ramped as of the closing date. York CLO Managed Holdings, LLC will direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the Rated Notes, the Issuer issued one other class of secured notes and one class of subordinated notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in March 2019. For modeling purposes, Moody's used the following base-case assumptions: Par amount: $400,000,000 Diversity Score: 65 Weighted Average Rating Factor (WARF): 2912 Weighted Average Spread (WAS): 3.50% Weighted Average Coupon (WAC): 5.00% Weighted Average Recovery Rate (WARR): 48.0% Weighted Average Life (WAL): 9.5 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in March 2019. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Rated Notes is subject to uncertainty. The performance of the Rated Notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Rated Notes. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. 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