Morningstar DBRS Discontinues Credit Rating on Brera SEC2 S.r.l.

DBRS Ratings GmbH (Morningstar DBRS) discontinued its A (high) (sf) credit rating on the Class A notes issued by Brera SEC2 S.r.l.

The discontinuation reflects the full repayment of the Class A notes on the 17 March 2025 payment date, following the transaction unwinding. Prior to their repayment in full, the outstanding principal balance of the Class A notes was EUR 3,644,091,738.00.

The principal methodology applicable to the credit rating 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/442681.

Lead Analyst: Pascale Kallas, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 27 November 2019

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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.