Morningstar DBRS Discontinues Credit Ratings on Oranje (European Loan Conduit No. 32) DAC

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, B, C, D, and E Notes (together, the Notes) issued by Oranje (European Loan Conduit No. 32) DAC as the notes were fully redeemed on 22 August 2024. This concluded Morningstar DBRS' surveillance of this transaction.

Prior to their repayment, the credit ratings and the outstanding principal balance on the notes were as follows:
-- Class A notes rated at AAA (sf); EUR 23,924,361
-- Class B notes rated at AA (high) (sf); EUR 4,870,213
-- Class C notes rated at A (sf); EUR 7,524,206
-- Class D notes rated at BBB (high) (sf); EUR 5,280,625
-- Class E notes rated at BBB (sf); EUR 1,149,151

The principal methodology applicable to the credit ratings is
European CMBS Rating and Surveillance Methodology (17 January 2024)
-- https://dbrs.morningstar.com/research/426818

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/433250

Lead Analyst: Violetta Volovich, Assistant Vice President
Rating Committee Chair: Gareth Levington, Managing Director
Initial Rating Date: November 06, 2018

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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.