DBRS Morningstar Releases Commentary on the Impact of Payment Holidays on European Structured Finance

DBRS Morningstar released a commentary titled, “Payment Holiday Impact on European Structured Finance”. This commentary focuses on how payment moratoria (payment holidays) have affected the European structured finance market across DBRS Morningstar-rated residential mortgage-backed securities, asset-backed securities, and structured credit transactions, based on observed transaction performance.

Key highlights from the commentary include

-- A summary of the average take-up for different jurisdictions and asset classes and the development over the four quarters of 2020.

-- A breakdown of transaction performance based on asset type and jurisdiction, highlighting any observed trends.

-- Our expectation that the extent of the potential impact will differ depending on the economic performance at the end of the schemes, which will vary across jurisdictions and asset classes. To date there has been no significant deterioration.

The full commentary is available at www.dbrsmorningstar.com.

For more information, visit www.dbrsmorningstar.com or contact us at info@dbrs.com.

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