23-p-0069
February 29, 2024

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

Loan Note Instrument (RTL Mortgage Super Senior NoteSeries II)<Affirmation>
Loan Note Instrument:

AA-Rationale
This is an investment project through Churchill Real Estate SPC for loans collateralized by residential
properties, land, etc. in the U.S. (real estate collateralized loan), to which JCR assigned a rating to thefacility for Churchill Real Estate SPC to issue Notes. Although composition of remaining period to maturity
for the final underlying loans has become somewhat longer, it does not give a rise of concern against thefinal redemption date at present. LTV on the basis of the Master Repurchase Agreement and portfolio
has remained in the level initially assumed by and large. This suggests that resilience for the debt
redemption of Notes has been maintained.
Kiichi Sugiura, Tomohiko Iwasakii, Satoshi Inomata
Rating<Affirmation>
Instrument Name

Maximum Issue
Amount (bn)

Establishment
DateCoupon

RatingLoan Note Instrument(RTL Note Series SS II)

USD 5Feb. 15, 2022

Based onPerformanceAA-<Information on Outline of Issue>
Maturity Redemption Date:
Final Redemption Date:
Redemption Method:
Credit Enhancement & Liquidity Facility:

Date when 3 years have passed from the issue
One year after the Early Redemption Date or Maturity
Redemption Date (however, the amortization period can beextended for additional 6 months by agreement)
Lump-sum cash settlement or amortization in the given
periodReserves<Information on Structure and Stakeholders>Issuer:Churchill Real Estate SPC
Arranger:
Churchill Finance LLC
Churchill Finance Japan, Inc.
Investment Manager:
Churchill Investment Management LLC<Information on Underlying Assets>
Outline of Underlying Assets:

Loan Receivables

Rating Assignment Date: February 28, 2024
The assumptions for the credit ratings and the definitions of the rating symbols are published as “Types of Credit Ratings and Definitionsof Rating Symbols” (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as “Real Estate (Securitization)” (August 2, 2021), “ABL (Asset-based Lending)”(February 22, 2018) and “Investment Funds” (November 22, 2019) in Information about JCR Ratings on JCR's website(https://www.jcr.co.jp/en/). Rating methodologies for other ancillary points such as eligible deposit accounts and bankruptcy
remoteness are also shown within the same page.
The rating stakeholder participated in the rating process of the aforementioned credit ratings.

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JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.