Morningstar DBRS Discontinues Credit Ratings on TREVA Equipment Finance SA, Compartment 2021-1

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A Notes, Class B Notes and Class C Notes (together, the rated notes) issued by TREVA Equipment Finance SA, Compartment 2021-1.

The discontinuation reflects the full repayment of the rated notes following the exercise of the cleanup call option on the 28 April 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); EUR 29,853,184.00
-- Class B Notes rated AA (high) (sf); EUR 2,425,571.20
-- Class C Notes rated A (high) (sf); EUR 1,772,532.80

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/439692.

Lead Analyst: Pascale Kallas, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date 29 October 2021

DBRS Ratings GmbH
Neue Mainzer Straße 75
D-60311 Frankfurt am Main
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.