DBRS Morningstar Publishes Final Methodologies for European Television Programming Licensing Rights Securitisations

DBRS Morningstar finalised the following methodologies to be used to determine and maintain 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”.

The methodologies supersede the prior versions published on 6 October 2023 and 22 October 2023 and are effective as of 11 December 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 applies to assign new credit ratings on European TV programming rights securitisations. 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 applies in connection with the surveillance of DBRS Morningstar credit ratings on European TV rights asset securitisations.

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

Publication of the methodologies follows the conclusion of the request for comment (RFC) period that began on 16 October 2023. DBRS Morningstar received no comments during the RFC period.

All comments received during the request for comment period have been published to the DBRS Morningstar website, 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].