Morningstar DBRS Discontinues Credit Ratings on Glenbeigh 2 Issuer 2021-2 Designated Activity Company

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C, Class D, Class E and Class F Notes (collectively, the Rated Notes) issued by Glenbeigh 2 Issuer 2021-2 Designated Activity Company.

The discontinuations reflect the full repayment of the Rated Notes 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 AAA (sf); EUR 213,173,258.65
-- Class B Notes rated AA (high) (sf); EUR 33,335,000
-- Class C Notes rated AA (low) (sf); EUR 22,223,000
-- Class D Notes rated A (high) (sf); EUR 16,667,000
-- Class E Notes rated A (low) (sf); EUR 16,667,000
-- Class F Notes rated BBB (low) (sf); EUR 11,112,000

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/429853

Lead Analyst: Daniel Rakhamimov, Assistant Vice President,
Rating Committee Chair: Alfonso Candelas, Associate Managing Director.
Initial Rating Date: 16 September 2021

DBRS Ratings GmbH
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60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
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 http://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.