Morningstar DBRS Discontinues Credit Ratings on Rathlin Residential 2021-1 DAC

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B and Class C Notes (together, the Rated Notes) issued by Rathlin Residential 2021-1 DAC.

The discontinuations reflect the full repayment of the Rated Notes on the 27 September 2024 payment date, following the exercise of the call option on the mortgage portfolio. 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 A (sf); EUR 126,657,151.32    
-- Class B Notes rated BB (sf); EUR 24,500,000.00
-- Class C Notes rated B (sf); EUR 14,500,000.00

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/422482.

Lead Analyst: Pablo Iturriaga, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 28 October 2021

DBRS Ratings GmbH
Neue Mainzer Straße 75
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/439604.

For more information on this credit or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.