Morningstar DBRS Comments on Amendments to NewDay Funding Loan Note Issuer VFN-F1 V1

DBRS Ratings Limited (Morningstar DBRS) reviewed the following amendments executed on 2 May 2025 (the Amendments) to VFN-F1 V1 of NewDay Funding Loan Note Issuer (the Issuer) and concluded that the Amendments do not have an impact on the credit ratings of the VFN-F1 V1 Class A, Class E and Class F Notes:

-- Changes of the Class A Notes advance rate and margins
-- Extension of the maturity date by two years

The Issuer is part of the NewDay Funding related master securitisation programme with underlying collateral of credit card receivables originated by NewDay Ltd. in the United Kingdom.

More information on the Issuer can be found at https://dbrs.morningstar.com/issuers/22903.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings at https://dbrs.morningstar.com/research/454196.

Notes:
All figures are in British pound sterling unless otherwise noted.

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