Morningstar DBRS Discontinues Credit Ratings on Pavillion Point of Sale 2021-1A PLC

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Class C, Class D, Class E Notes, Class F and Class X Notes (together, the Rated Notes) issued by Pavillion Point of Sale 2021-1A PLC.

The discontinuations reflect the full repayment of the Rated Notes on the 30 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 C Notes rated AA (high) (sf); GBP 8,414,953.62
-- Class D Notes rated AA (high) (sf); GBP 7,327,000.00
-- Class E Notes rated AA (low) (sf); GBP 8,548,000.00
-- Class F Notes rated A (sf); GBP 6,105,000.00
-- Class X Notes rated A (low) (sf); GBP 12,601.58

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/429521.

Lead Analyst: Clare Wootton, Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 8 March 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 dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.