Morningstar DBRS Discontinues Credit Ratings on Viridis (European Loan Conduit No. 38) DAC

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on all classes of notes issued by Viridis (European Loan Conduit No. 38) DAC as the notes were redeemed in full on 22 April 2025. This concluded Morningstar DBRS' surveillance of this transaction.

Prior to their repayment, Morningstar DBRS' credit ratings and the outstanding principal balance of the notes were as follows:

-- Class A notes rated at AA (sf); GBP 73,544,263.77
-- Class B notes rated at A (low) (sf); GBP 17,900,000.00
-- Class C notes rated at BBB (sf); GBP 15,200,000.00
-- Class D notes rated at BB (sf); GBP 20,800,000.00
-- Class E notes rated at B (high) (sf); GBP 10,200,000.00

The principal methodology applicable to the credit ratings is:

European CMBS Rating and Surveillance Methodology (04 March, 2025) https://dbrs.morningstar.com/research/449278.

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/449429.

Lead Analyst: Mirco Iacobucci, Senior Vice President, Sector Lead
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 28 June 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.