Morningstar DBRS Discontinues Provisional Credit Ratings on Colonnade Programme - Series Global 2018-5

DBRS Ratings Limited (Morningstar DBRS) discontinued its provisional credit ratings of AAA (sf) on Tranche H, Tranche I, Tranche J and Tranche K (together, the rated tranches) issued by Colonnade Programme - Series Global 2018-5.

The discontinuations reflect the full repayment of Tranche H and Tranche I on the November 2024 payment date, and the full repayment of Tranche J and Tranche K on the December 2024 payment date.

Prior to their repayment in full, the provisional credit ratings and the outstanding principal balances of the rated tranches were as follows: 

-- Tranche H rated AAA (sf); USD 3,008,970.0
-- Tranche I rated AAA (sf); USD 2,120,000.0
-- Tranche J rated AAA (sf); USD 497,365.0
-- Tranche K rated AAA (sf); USD 8,809,997.0

The principal methodology applicable to the credit ratings is the "Global Methodology for Rating CLOs and Corporate CDOs" (19 November 2024), https://dbrs.morningstar.com/research/443207.

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/432284.

Lead Analyst: Clare Wootton, Vice President
Rating Committee Chair: Carlos Silva, Senior Vice President
Initial Rating Date: 21 December 2018

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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 https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.