Morningstar DBRS Discontinues Credit Ratings on Pavillion Mortgages 2021-1 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 Pavillion Mortgages 2021-1 PLC.

The discontinuations reflect the full repayment of the Rated Notes on the first optional redemption date on 25 February 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); GBP 119,647,438.86
-- Class B Notes rated AAA (sf); GBP 32,837,000.00
-- Class C Notes rated AAA (sf); GBP 26,867,000.00
-- Class D Notes rated AA (high) (sf); GBP 8,956,000.00
-- Class E Notes rated A (high) (sf); GBP 5,373,000.00

The principal methodology applicable to the credit ratings is the "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/439963.

Lead Analyst: Clare Wootton, Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 15 December 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.