Morningstar DBRS Discontinues Credit Ratings on Palladium Securities 1 S.A. Series 141, 142, 145, 147, and 148 Instruments

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on Series 141, 142, 145, 147 and 148 (the series of notes) issued by Palladium Securities 1 S.A.

The discontinuations reflect the full repayment of the series of notes on the 16 September 2024 maturity date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the series of notes were as follows:

--Series 141 Notes at BBB (high) (sf); EUR 7,100,000
--Series 142 Notes at BBB (high) (sf); EUR 6,300,000
--Series 145 Notes at BBB (high) (sf); EUR 26,000,000
--Series 147 Notes at BB (high) (sf); EUR 6,600,000
--Series 148 Notes at BBB (high) (sf); EUR 16,300,000

The principal methodology applicable to the credit ratings is Global Methodology for Rating CLOs and Corporate CDOs (19 September 2024) https://dbrs.morningstar.com/research/439759.

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/425322 (for series 141, 142, 145 and 148) and https://dbrs.morningstar.com/research/425323 (for series 147).

Lead Analyst: Helvia Meana, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date:
Palladium Securities 1 S.A. Acting in relation to Compartment 141-2014-16 and Palladium Securities 1 S.A. Acting in relation to Compartment 142-2014-17: 10 October 2014
Palladium Securities 1 s.a. Acting in relation to Compartment 145-2014-20: 19 January 2015
Palladium Securities 1 S.A. Acting in relation to Compartment 147-2014-22: 10 February 2015
Palladium Securities 1 s.a. Acting in relation to Compartment 148-2014-23: 25 February 2015

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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.