Morningstar DBRS Discontinues Credit Ratings on Together Asset Backed Securitisation 2021-CRE1 Plc

DBRS Ratings Limited (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 Together Asset Backed Securitisation 2021-CRE1 Plc.

The discontinuations reflect the full repayment of the Rated Notes following the exercise of the call option on the 20 February 2025 payment date. 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); GBP 58,562,431.68
-- Class B Notes rated AA (high) (sf); GBP 11,017,000.00
-- Class C Notes rated AA (sf); GBP 8,513,000.00
-- Class D Notes rated A (high) (sf); GBP 7,812,000.00
-- Class E Notes rated BB (high) (sf); GBP 7,211,000.00

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/443209

Lead Analyst: Natalia Coman, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 19 February 2021

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