Morningstar DBRS Discontinues Credit Ratings on Portuguese Electricity Tariff Securitisations

DBRS Ratings GmbH (Morningstar DBRS) discontinued its A (high) (sf) credit ratings on the following notes issued by two Portuguese electricity tariff securitisations (the PT Electricity Tariff Transactions):
-- TAGUS SOCIEDADE DE TITULARIZAÇÃO DE CRÉDITOS, S.A. (EnergyOn No. 1), Class A1
-- TAGUS SOCIEDADE DE TITULARIZAÇÃO DE CRÉDITOS, S.A. (EnergyOn No. 1), Interest Rate Swap (IRS)
-- TAGUS SOCIEDADE DE TITULARIZAÇÃO DE CRÉDITOS, S.A. (EnergyOn No. 2), Class A

The discontinuations reflect the full repayment of the rated notes in both transactions on the 12 February 2025 payment date. Prior to their repayment in full, the outstanding principal balances of the rated notes were as follows:
-- TAGUS SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. (EnergyOn No. 1), Class A1: EUR 7,845,072.54
-- TAGUS SOCIEDADE DE TITULARIZACAO DE CREDITOS, S.A. (EnergyOn No. 2), Class A: EUR 2,575,120.79

The principal methodology applicable to the credit ratings is "Master European Structured Finance Surveillance Methodology" (4 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/437409

Lead Analyst: Daniel Rakhamimov, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 8 April 2011

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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.

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