Morningstar DBRS Publishes Consolidated Legal and Derivative Criteria for European Structured Finance Transactions

Morningstar DBRS published the "Legal and Derivative Criteria for European Structured Finance Transactions" (the Methodology). The Methodology consolidated two separate methodology documents Morningstar DBRS uses to assess legal and derivative risks for European Structured Finance transactions.

The Methodology supersedes the following and is effective as of 19 November 2024:

-- "Legal Criteria for European Structured Finance Transactions" (published 28 June 2024)
-- "Derivative Criteria for European Structured Finance" (published 6 September 2024)

Morningstar DBRS deems the update not to be material and determined that no ratings are expected to change as a result of this update.

Morningstar DBRS also made editorial and nonmaterial changes to update all references to the now retired "Legal Criteria for European Structured Finance Transactions" and "Derivative Criteria for European Structured Finance" methodologies to the now consolidated, stand-alone "Legal and Derivatives Criteria for European Structured Finance Transactions" methodology for the following methodologies listed below:

-- "Rating CLOs Backed by Loans to European SMEs"
-- "Rating European Structured Finance Transactions Methodology"
-- "Global Methodology for Rating Credit Tenant Leases"
-- "Rating European Nonperforming and Reperforming Loans Securitisations"
-- "Currency Stresses for Global Structured Finance Transactions"
-- "Rating European Rental Car Securitisations"
-- "Master European Structured Finance Surveillance Methodology"
-- "Rating Portuguese Electricity Tariff Securitisations"
-- "Global Methodology for Rating CLOs and Corporate CDOs"
-- "Global Methodology for Rating Non-Bank Financial Institutions"

References to the retired criteria in other methodologies will be updated to the Methodology over time.

Notes:
Morningstar DBRS methodologies are publicly available on its website https://dbrs.morningstar.com under Methodologies & Criteria.

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