Morningstar DBRS Discontinues Credit Ratings on Dutch Property Finance 2020-1 B.V.

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 Dutch Property Finance 2020-1 B.V.

The discontinuations reflect the full repayment on the Rated Notes on the first optional redemption date of 28 January 2025. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Rated Notes were as follows:

-- Class A Notes rated AAA (sf); EUR 64,839,000.00
-- Class B Notes rated AAA (sf); EUR 17,250,000.00
-- Class C Notes rated AAA (sf); EUR 12,450,000.00
-- Class D Notes rated AA (sf); EUR 15,900,000.00
-- Class E Notes rated A (high) (sf); EUR 3,600,000.00

The principal methodology applicable to the credit ratings is : "Master European Structured Finance Surveillance Methodology" (04 February 2025) https://dbrs.morningstar.com/research/447080.

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/444597.

Lead Analyst: Preben Cornelius Overas, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 8 January 2020

DBRS Ratings GmbH
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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 dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.