Morningstar DBRS Discontinues Credit Ratings on Brignole CQ 2022 S.r.l.

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C and Class D Notes (together, the Rated Notes) issued by Brignole CQ 2022 S.r.l.

The discontinuation reflects the full repayment of the Rated Notes following the exercise of the cleanup call option on the 24 September 2024 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Rated Notes were as follows: 

-- Class A Notes rated AA (sf); EUR 57,962,734.15
-- Class B Notes rated A (high) (sf); EUR 27,130,000.00
-- Class C Notes rated A (sf); EUR 2,460,000.00
-- Class D Notes rated BBB (low) (sf); EUR 1,640,000.00

The principal methodology applicable to the 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/430199

Lead Analyst: Pascale Kallas, Assistant Vice President,
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 11 March 2022

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Amtsgericht Frankfurt am Main, HRB 110259

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.