Morningstar DBRS Discontinues Credit Ratings on PCL Funding VI PLC

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Series 2022-1 Class A, Class B and Class C Notes (together, the Notes) issued by PCL Funding VI PLC.

The discontinuations reflect the full repayment of the Notes on the 15 July 2024 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Notes were as follows:

-- Series 2022-1 Class A Notes rated AAA (sf); GBP 425,250,000
-- Series 2022-1 Class B Notes rated A (high) (sf); GBP 26,730,000
-- Series 2022-1 Class C Notes rated A (low) (sf); GBP 7,290,000

The principal methodology applicable to the credit ratings is Rating European Consumer and Commercial Asset-Backed Securitisations (8 January 2024) https://dbrs.morningstar.com/research/426219

In Morningstar DBRS' opinion, a Discontinued-Repaid 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/431075

Lead Analyst: Jeffrey Cespon, Vice President
Rating Committee Chair: David Lautier, Senior Vice President
Initial Rating Date: 24 June 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 dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.