Morningstar DBRS Discontinues Credit Rating on Valsabbina SME 3 SPV S.r.l.

DBRS Ratings GmbH (Morningstar DBRS) discontinued its AAA (sf) credit rating on the Class A Notes issued by Valsabbina SME 3 SPV S.r.l.

The discontinuation reflects the full repayment of the Class A Notes on the 28 March 2025 payment date. Prior to the repayment in full, the outstanding principal balance of the Class A Notes was EUR 246,663,685.83.

The principal methodology applicable to the credit rating is "Rating CLOs Backed by Loans to European SMEs" (19 November, 2024) https://dbrs.morningstar.com/research/443198.

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/436076.

Lead Analyst: Helvia Meana, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 29 July 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.