Morningstar DBRS Discontinues and Withdraws Credit Rating on Belvedere SPV S.r.l.

DBRS Ratings GmbH (Morningstar DBRS) discontinued and withdrew its CC (sf) credit rating on the Class A notes issued by Belvedere SPV S.r.l (the Issuer).

The discontinuation reflects the request from the Issuer to withdraw the credit rating. Prior to the discontinuation, the outstanding principal balance of the Class A Notes was EUR 217,949,713.46.

On 10 September 2024, Morningstar DBRS conducted a full review of the transaction and downgraded its credit rating on the Class A notes to CC (sf) from CCC (sf).

The principal methodology applicable to the credit rating is Master European Structured Finance Surveillance Methodology (6 August 2024) https://dbrs.morningstar.com/research/437540.

In Morningstar DBRS' opinion, a Discontinue-Withdrawn credit rating action does not warrant the application of the entire principal methodology.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/439152

Lead Analyst: Sijia Aulenbacher, Senior Analyst
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 21 December 2018

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.