Morningstar DBRS Discontinues Credit Ratings on Helios (European Loan Conduit No. 37) DAC

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Class RFN, A, B, C, D, and E Notes (together, the notes) issued by Helios (European Loan Conduit No. 37) DAC as the notes were fully redeemed on 4 November 2024. This concluded Morningstar DBRS' surveillance of this transaction.

Prior to their repayment, the credit ratings and the outstanding principal balance on the notes were as follows:
-- Class RFN notes rated at AAA (sf); GBP 13,299,343
-- Class A notes rated at AAA (sf); GBP 101,062,625
-- Class B notes rated at A (high) (sf); GBP 41,863,188
-- Class C notes rated at BBB (sf); GBP 42,459,813
-- Class D notes rated at BB (high) (sf); GBP 52,801,313
-- Class E notes rated at B (high) (sf); GBP 54,591,188

The principal methodology applicable to the credit ratings is European CMBS Rating and Surveillance Methodology (17 January 2024): https://dbrs.morningstar.com/research/426818

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/422848

Lead Analyst: Deniz Gokce, Senior Analyst
Rating Committee Chair: Mark Wilder, Senior Vice President
Initial Rating Date: 16 December 2019

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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.