Morningstar DBRS Requests Comments on Proposed Dual-Recourse Securities Appendix and Surveillance Appendix

Morningstar DBRS is requesting comments on the following proposed methodologies (the Request for Comment (RFC) Methodologies) for which dual-recourse instrument credit ratings are assigned and/or monitored.

-- "Appendix 3--Dual-Recourse Securities" (Dual-Recourse Securities Appendix) in "Rating European Structured Finance Transactions Methodology"
-- "Appendix XXXVIII--Dual-Recourse Securities" (Dual-Recourse Securities Surveillance Appendix) in "Morningstar DBRS Master U.S. ABS Surveillance"

The updates are intended to expand the use of the RFC Methodologies for the assignment and surveillance of credit ratings in the United States. Morningstar DBRS currently rates and surveils dual-recourse credit ratings in Europe. Morningstar DBRS deems the proposed update to the Dual-Recourse Securities Appendix not to be material, while the proposed update to the Dual-Recourse Securities Surveillance Appendix is material. Morningstar DBRS determined that no outstanding credit ratings are expected to change as a result of these updates.

Upon the close of the request for comment period, the "Rating European Structured Finance Transactions Methodology" would supersede the current version published on November 19, 2024, and the Morningstar DBRS Master U.S. ABS Surveillance" methodology would supersede the current version published on April 10, 2025.

Comments should be received on or before May 16, 2025. Please submit your comments to the following email address: sfcomments@morningstar.com

Morningstar DBRS publishes on its website all comments received, except in cases where confidentiality is requested by the respondent.

Notes:
Morningstar DBRS methodologies are publicly available on its website https://dbrs.morningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.