DBRS Morningstar Requests Comments on Proposed Methodologies for European Television Programming Licensing Rights Securitisations

DBRS Morningstar is requesting comments on the following proposed new methodologies (the RFC Methodologies) to be used to determine and maintaining ratings on European television (TV) programming licensing rights securitisations:

-- “Rating European Structured Finance Transactions Methodology”—Appendix 4: European TV Programming Licensing Rights (European TV Rights Appendix) and
-- “Master European Structured Finance Surveillance Methodology”.

Upon the close of the Request for Comment period, the RFC Methodologies may supersede the previous versions published on 6 October 2023.

European TV Rights Appendix
Please refer to the European TV Rights Appendix to the “Rating European Structured Finance Transactions Methodology”, which presents the principal asset class methodology that DBRS Morningstar intends to apply to assign new credit ratings on European TV programming rights securitisations following the finalisation of the RFC Methodologies. The European TV Rights Appendix provides a discussion of the key analytical and credit considerations, producer/distributor supplemental items, legal considerations, and cash flow analysis applicable to DBRS Morningstar’s analysis of European TV rights securitisations.

Master European Structured Finance Surveillance Methodology
Please refer to the “Master European Structured Finance Surveillance Methodology”, which has been updated to include the criteria that DBRS Morningstar intends to apply in connection with the surveillance of DBRS Morningstar credit ratings on European TV rights asset securitisations following the finalisation of the RFC Methodologies.

No ratings are expected to be affected following the finalisation of the RFC Methodologies.

Comments should be received on or before 16 November 2023. Please submit your comments to the following email address:

[email protected]

DBRS Morningstar publishes on its website all comments received, except in cases where confidentiality is requested by the respondent.

Notes:
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/416784 (4 July 2023).

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.

DBRS Morningstar methodologies are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].