Morningstar DBRS Discontinues Credit Ratings on Miravet 2019-1 and Miravet 2020-1

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C, Class D and Class E Notes (together, the Rated Notes) issued by Miravet 2019-1 and Miravet 2020-1.

The discontinuation reflects the full repayment of the Rated Notes in both transactions on the 26 November 2024 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Rated Notes were as follows:

Miravet 2019-1
--Class A Notes rated AAA (sf); EUR 119,132,179.72
--Class B Notes rated A (high) (sf); EUR 40,775,000.00
--Class C Notes rated A (low) (sf); EUR 14,525,000.00
--Class D Notes rated BBB (sf); EUR 4,970,000.00
--Class E Notes rated BBB (low) (sf); EUR 4,515,000.00

Miravet 2020-1
--Class A Notes rated AAA (sf); EUR 227,885,087.28
--Class B Notes rated A (high) (sf); EUR 77,768,000.00
--Class C Notes rated BBB (high) (sf); EUR 31,912,000.00
--Class D Notes rated BB (high) (sf); EUR 11,154,000.00
--Class E Notes rated B (sf); EUR 11,154,000.00

The principal methodology applicable to the credit ratings is "Master European Structured Finance Surveillance Methodology" (19 November 2024) https://dbrs.morningstar.com/research/443204.

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/437900

The lead analyst responsibilities for these transactions have been transferred to Preben Cornelius Overas.

Lead Analyst: Preben Cornelius Overas, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Dates:
-- Miravet 2019: 14 November 2019
-- Miravet 2020: 10 November 2020

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.