Morningstar DBRS Discontinues Credit Ratings on Latitude Australia Credit Card Loan Note Trust, Series 2019-1

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Series 2019-1 notes issued by Latitude Australia Credit Card Loan Note Trust.

The discontinuation reflects the full repayment of the Series 2019-1 notes following the scheduled redemption on the 23 September 2024 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Series 2019-1 notes were as follows:

-- Class A1 Notes at AAA (sf); AUD 530,100,000
-- Class A2 Notes at AAA (sf); AUD 78,540,000
-- Class B Notes at AA (sf); AUD 43,200,000
-- Class C Notes at A (sf); AUD 39,270,000
-- Class D Notes at BBB (sf); AUD 31,410,000
-- Class E Notes at BB (sf); AUD 27,480,000

Morningstar DBRS notes the Series 2019-1 notes are the last outstanding series rated by Morningstar DBRS and the Series 2023-1 and Series 2024-1 notes are not rated by Morningstar DBRS.

The principal methodology applicable to the credit ratings is Master European Structured Finance Surveillance Methodology (6 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/428723

Lead Analyst: Jeffrey Cespon, Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Credit Rating Date: 2 September 2019

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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 http://dbrs.morningstar.com/ or contact us at info-DBRS@morningstar.com.