Morningstar DBRS Comments on Amendments to Securitisation of Catalogue Assets Limited

DBRS Ratings Limited (Morningstar DBRS) reviewed the following amendments (the Amendments) to Securitisation of Catalogue Assets Limited (the Issuer) and concluded that the Amendments do not have an impact on the AAA (sf) rating of the Class A-S Variable Funding Notes (Class A-S) and the A (high) (sf) rating of Class A-J Variable Funding Notes (Class A-J) of the Issuer.

The Amendments were executed on 9 January 2025 as follows:
-- The extension of the maturity dates and end dates of the Class A-S, Class A-J, Class B, Class C1 and Class C2 Notes of the Issuer (collectively, the Notes).
-- The increase in the maximum advance rate of the Class A-S Notes to 65% from 64%.
-- The reductions in coupon rates of the Notes.
-- Replacement of HSBC Bank plc by Citibank, N.A. London Branch as the Account Bank and Principal Paying Agent and replacement of other transaction counterparties.
-- The addition of Shop Direct Finance Company Limited (Shop Direct) as an arranger.

The transaction is a securitisation of home shopping receivables granted to private individuals by Shop Direct in the United Kingdom under two main lines of credit products:
-- Direct Credit offered under the very.co.uk brand and broadly similar to a credit card agreement where a customer is granted a credit limit subject to interest charges.
-- Embedded Credit for goods predominantly purchased under the Littlewoods brand. Products sold through Littlewoods are typically interest free at a higher price than through direct channels, recognising the "embedded" interest charges.

More information on the Issuer can be found at https://dbrs.morningstar.com/issuers/19742.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings at https://dbrs.morningstar.com/research/437781.

Notes:
All figures are in British pound sterling unless otherwise noted.

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