Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

BLACKROCK, INC.

(BLK)
  Report
Delayed Nyse  -  04:00 2022-09-23 pm EDT
591.39 USD   -1.52%
09/23BlackRock® Canada Announces Final September Cash Distributions for the iShares® Premium Money Market ETF
GL
09/23BlackRock® Canada Announces Final September Cash Distributions for the iShares® Premium Money Market ETF
AQ
09/23Sri Lanka aims to have $2.9 billion IMF loan finalised in December - sources
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

DBRS Morningstar Assigns Provisional Ratings to the Secured Notes of BlackRock DLF X CLO 2022-1, LLC

08/09/2022 | 04:27am EDT

DBRS Morningstar Assigns Provisional Ratings to the Secured Notes of BlackRock DLF X CLO 2022-1, LLC.

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to the following Notes (together, the Secured Notes) of BlackRock DLF X CLO 2022-1, LLC, pursuant to the Note Purchase and Security Agreement (the NPSA) dated as of August 5, 2022, among BlackRock DLF X CLO 2022-1, LLC, as the Issuer; Wilmington Trust National Association, as Collateral Agent, Custodian, Collateral Administrator, Information Agent, and Note Agent; and the Purchasers referred to therein:

Class A-1 Notes at AAA (sf)

Class A-2 Notes at AA (high) (sf)

Class B Notes at A (low) (sf)

Class C Notes at BBB (low) (sf)

Class D Notes at BB (sf)

Class W Notes at B (sf)

The provisional ratings on the Class A-1 Notes and the Class A-2 Notes address the timely payment of interest (excluding the additional interest payable at the Post-Default Rate, as defined in the NPSA) and the ultimate payment of principal on or before the Stated Maturity of August 5, 2034.

The provisional ratings on the Class B Notes, the Class C Notes, the Class D Notes, and the Class W Notes address the ultimate payment of interest (excluding the additional interest payable at the Post-Default Rate, as defined in the NPSA) and the ultimate payment of principal on or before the Stated Maturity of August 5, 2034. The Class W Notes will have a fixed-rate coupon that is lower than the spread/coupon of some of the more-senior Secured Notes. The Class W Notes also benefit from the Class W Note Payment Amount, which allows for principal repayment of the Class W Notes with collateral interest proceeds, in accordance with the Priority of Payments.

Each of the Secured Notes will have a fixed-rate coupon, while the underlying collateral assets are expected to be mostly floating rate. DBRS Morningstar has incorporated the fixed- and floating-rate mismatch into its quantitative analysis, including running interest rate stresses in accordance with its 'Cash Flow Assumptions for Corporate Credit Securitizations' methodology. Since a wide disparity exists in the results derived from different interest rate scenarios, DBRS Morningstar ignored the higher interest rate stresses in its analysis in accordance with such methodology.

As of the Closing Date, DBRS Morningstar's ratings on the Secured Notes will be provisional. The provisional ratings reflect the fact that the finalization of the provisional ratings are subject to certain conditions after the Closing Date, such as compliance with the Eligibility Criteria (as defined in the NPSA).

Provisional ratings are not final ratings with respect to the above-mentioned Secured Notes and may be different than the final ratings assigned or may be discontinued. The assignment of final ratings on the Secured Notes is subject to DBRS Morningstar receiving all data and/or information and final documentation that it deems necessary to finalize the ratings.

The Secured Notes will be collateralized primarily by a portfolio of U.S. middle-market corporate loans. The Issuer will be managed by BlackRock Capital Investment Advisors, LLC (BCIA), which is a wholly owned subsidiary of BlackRock, Inc. DBRS Morningstar considers BCIA an acceptable collateralized loan obligation (CLO) manager.

The provisional ratings reflect the following primary considerations:

(1)	The NPSA, dated as of August 5, 2034.
(2)	The integrity of the transaction's structure.
(3)	DBRS Morningstar's assessment of the portfolio quality.
(4)	Adequate credit enhancement to withstand DBRS Morningstar's projected collateral loss rates under various cash flow-stress scenarios.
(5)	DBRS Morningstar's assessment of the origination, servicing, and CLO management capabilities of BCIA.

To assess portfolio credit quality, DBRS Morningstar provides a credit estimate or internal assessment for each nonfinancial corporate obligor in the portfolio that is not rated by DBRS Morningstar. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that is used in assigning a rating to a facility.

For more information regarding DBRS Morningstar's additional adjustment for select industries related to the Coronavirus Disease (COVID-19), please see its May 18, 2020, commentary 'CLO Risk Exposure to the Coronavirus Disease (COVID-19)' at https://www.dbrsmorningstar.com/research/361112.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929.

Notes:

The principal methodologies are Rating CLOs and CDOs of Large Corporate Credit (January 26, 2022) and Cash Flow Assumptions for Corporate Credit Securitizations (January 26, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS, Inc.

140 Broadway, 43rd Floor

New York, NY 10005 USA

Tel. +1 212 806-3277

Ratings

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

08-Aug-22	Class A-1 Notes	AAA (sf)	--	Provis.-New	US
08-Aug-22	Class A-2 Notes	AA (high) (sf)	--	Provis.-New	US
08-Aug-22	Class B Notes	A (low) (sf)	--	Provis.-New	US
08-Aug-22	Class C Notes	BBB (low) (sf)	--	Provis.-New	US
08-Aug-22	Class D Notes	BB (sf)	--	Provis.-New	US
08-Aug-22	Class W Notes	B (sf)	--	Provis.-New	US

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

(C) 2022 Electronic News Publishing, source ENP Newswire

All news about BLACKROCK, INC.
09/23BlackRock® Canada Announces Final September Cash Distributions for the iShares® Premium..
GL
09/23BlackRock® Canada Announces Final September Cash Distributions for the iShares® Premium..
AQ
09/23Sri Lanka aims to have $2.9 billion IMF loan finalised in December - sources
RE
09/23NOKIAN TYRES : Disclosure under chapter 9, section 10 of the securities market act
AQ
09/23Sri Lanka to unveil debt restructuring plan to creditors
RE
09/22NEWS HIGHLIGHTS : Top Company News of the Day
DJ
09/22BlackRock's pension funds face ESG criticism from New York Comptroller
RE
09/22Factbox-Sri Lanka set to begin talks to restructure debt of $30 billion
RE
09/22Paradigm Oral Health Announces Acquisition by BlackRock Long Term Private Capital
BU
09/22MARKETMIND : Markets 'Fed Up'
RE
More news
Analyst Recommendations on BLACKROCK, INC.
More recommendations
Financials (USD)
Sales 2022 18 165 M - -
Net income 2022 5 038 M - -
Net cash 2022 3 438 M - -
P/E ratio 2022 17,9x
Yield 2022 3,30%
Capitalization 89 163 M 89 163 M -
EV / Sales 2022 4,72x
EV / Sales 2023 4,37x
Nbr of Employees 18 900
Free-Float 86,8%
Chart BLACKROCK, INC.
Duration : Period :
BlackRock, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BLACKROCK, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 13
Last Close Price 591,39 $
Average target price 716,83 $
Spread / Average Target 21,2%
EPS Revisions
Managers and Directors
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Sector and Competitors
1st jan.Capi. (M$)
BLACKROCK, INC.-35.41%89 163
BROOKFIELD ASSET MANAGEMENT INC.-22.02%68 710
UBS GROUP AG-11.27%48 388
BANK OF NEW YORK MELLON CORPORATION (THE)-30.84%32 462
APOLLO GLOBAL MANAGEMENT, INC.-31.52%28 395
AMERIPRISE FINANCIAL, INC.-14.69%27 837