Morningstar DBRS Comments on Tagus - Sociedade de Titularização de Créditos, S.A. (Vasco Finance No. 1) Credit Ratings Potentially Affected by Morningstar DBRS Error

DBRS Ratings GmbH (Morningstar DBRS) identified an implementation inconsistency in the cash flow analysis for Tagus - Sociedade de Titularização de Créditos, S.A. (Vasco Finance No. 1) (the Issuer). Morningstar DBRS deems the error to be a potentially significant one that could negatively affect the credit ratings on some or all of the notes of the Issuer.

The error is not related to the Issuer's collateral performance or to the data and information provided by the Issuer and/or by its agents for the purposes of providing these credit ratings, which Morningstar DBRS considers to be of satisfactory quality.

Morningstar DBRS is currently undertaking a full review of the Issuer, including a correction of the error, and expects to take credit rating actions within the next few weeks.

Morningstar DBRS determined that no other outstanding transactions are affected by this error.

Notes:
Morningstar DBRS methodologies are publicly available on its website dbrs.morningstar.com under Methodologies & Criteria.

A description of how Morningstar DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/278375.

For more information on these credits or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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