Morningstar DBRS Discontinues Credit Ratings on Cars Alliance Auto Leases France V 2020-1

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A and B Notes (together, the notes) issued by Cars Alliance Auto Leases France V 2020-1 as the notes were fully redeemed on 22 April 2025 payment date.

Prior to their repayment, the credit ratings and the outstanding principal balance on the notes were as follows:
-- Class A Notes rated at AAA (sf); EUR 3,671,180.00
-- Class B Notes rated at AAA (sf); EUR 41,500,000.00

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/439291.

Lead Analyst: Pascale Kallas, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 23 September 2020

DBRS Ratings GmbH
Neue Mainzer Straße 75
D-60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführung: Detlef Scholz, Marta Zurita Bermejo
Amtsgericht Frankfurt am Main, HRB 110259

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.