Morningstar DBRS Discontinues Credit Ratings on Cardiff Auto Receivables Securitisation 2022-1

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Class D and Class E Notes (together, the Notes) issued by Cardiff Auto Receivables Securitisation 2022-1.

The discontinuations reflect the full repayment of the Notes following the exercise of the cleanup call option on the 21 August 2024 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Notes were as follows:

-- Class D Notes rated AA (sf); GBP 26,373,221.61
-- Class E Notes rated A (low) (sf); GBP 21,350,000.00

The principal methodology applicable to these credit ratings is Master European Structured Finance Surveillance Methodology (06 August 2024) https://dbrs.morningstar.com/research/437540

In Morningstar DBRS' opinion, a Discontinued-Repaid credit rating action does not warrant the application of the entire principal methodology.

For details on analytical and regulatory disclosures please refer to the latest rating action press release published for this transaction: https://dbrs.morningstar.com/research/425387

Lead Analyst: Petter Wettestad, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 7 February 2022

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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 this credit or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.