Morningstar DBRS Discontinues Credit Ratings on Retiro Mortgage Securities DAC

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A2, Class B and Class C Notes (together, the Rated Notes) issued by Retiro Mortgage Securities DAC (the Issuer).

The discontinuations reflect the full repayment of the Rated Notes on the 30 October 2024 payment date, following the exercise by the Issuer of its sale and refinancing option. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Rated Notes were as follows:

--Class A2 Notes rated A (sf); EUR 37,969,088.38
--Class B Notes rated BBB (sf); EUR 34,000,000.00
--Class C Notes rated BB (low) (sf); EUR 15,000,000.00

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/430169

Lead Analyst: Clarice Baiocchi, Vice President,
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 31 March 2021

DBRS Ratings GmbH
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Tel. +49 (69) 8088 3500
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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.