Pearl Finance 2020 DAC: Presale Report

Summary

DBRS Ratings GmbH (DBRS Morningstar) assigned provisional ratings to Pearl Finance 2020 DAC, a securitisation of a EUR 335.4 million senior commercial real estate loan backed by a pan-European portfolio of light industrial and logistics assets managed collectively by Mileway, M7 Real Estate, and Normandie Capital but owned by Blackstone Real Estate Partners. For insight beyond the ratings, see the presale report.

Available Documents

Ratings

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
29-Oct-20	Class A1	AAA (sf)	Stb	Provis.-New	EU U
29-Oct-20	Class A2	AAA (sf)	Stb	Provis.-New	EU U
29-Oct-20	Class B	AA (high) (sf)	Stb	Provis.-New	EU U
29-Oct-20	Class C	A (low) (sf)	Stb	Provis.-New	EU U
29-Oct-20	Class D	BBB (sf)	Stb	Provis.-New	EU U
29-Oct-20	Class E	BBB (low) (sf)	Stb	Provis.-New	EU U

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Pearl Finance 2020 DAC

Class A1

Date Issued:Oct 29, 2020
Rating Action:Provis.-New
Ratings:AAA (sf)
Trend:Stb
Rating Recovery:
Issued:EUU

Class A2

Date Issued:Oct 29, 2020
Rating Action:Provis.-New
Ratings:AAA (sf)
Trend:Stb
Rating Recovery:
Issued:EUU

Class B

Date Issued:Oct 29, 2020
Rating Action:Provis.-New
Ratings:AA (high) (sf)
Trend:Stb
Rating Recovery:
Issued:EUU

Class C

Date Issued:Oct 29, 2020
Rating Action:Provis.-New
Ratings:A (low) (sf)
Trend:Stb
Rating Recovery:
Issued:EUU

Class D

Date Issued:Oct 29, 2020
Rating Action:Provis.-New
Ratings:BBB (sf)
Trend:Stb
Rating Recovery:
Issued:EUU

Class E

Date Issued:Oct 29, 2020
Rating Action:Provis.-New
Ratings:BBB (low) (sf)
Trend:Stb
Rating Recovery:
Issued:EUU

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Pearl Finance 2020 DAC: Presale Report

Summary

Available Documents