Morningstar DBRS Discontinues Credit Ratings on VCL Multi-Compartment S.A., acting for and on behalf of its Compartment VCL 35

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A and Class B Notes (together, the Rated Notes) issued by VCL Multi-Compartment S.A., acting for and on behalf of its Compartment VCL 35.

The discontinuations reflect the full repayment of the Rated Notes following the exercise of the cleanup call option on the 21 October 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 97,030,139.19
-- Class B Notes rated AA (sf); EUR 5,252,284.45

The principal methodology applicable to the credit ratings is the 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/428876.

The lead analyst responsibilities for this transaction have been transferred to Stefano Pruni.

Lead Analyst: Stefano Pruni, Senior Analyst
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 16 February 2022

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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/439604.

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