Morningstar DBRS Discontinues and Withdraws Credit Ratings on Ophelia Master SME FCT
Structured CreditDBRS Ratings GmbH (Morningstar DBRS) discontinued and withdrew its AAA (sf) credit ratings on the Class A2024-01 Notes and the Class A2024-02 Notes (together the Notes) issued by Ophelia Master SME FCT (the Issuer).
The discontinuations reflect the request from the Issuer to withdraw the credit ratings. Prior to the discontinuations, the outstanding
principal balance of the Class A2024-01 Notes was EUR 800,000,000 and the outstanding principal balance of the Class A2024-02 Notes was EUR 500,000,000.
On 22 July 2024, Morningstar DBRS assigned a AAA (sf) credit rating to the Class A2024-01 Notes. On 29 November 2024, Morningstar DBRS assigned a AAA (sf) credit rating to the Class A2024-02 Notes and confirmed the AAA (sf) credit rating on the Class A2024-01 Notes.
The lead analyst responsibilities for this transaction have been transferred to Helvia Meana.
The principal methodology applicable to the credit ratings is Rating CLOs Backed by Loans to European SMEs (5 June 2025),
https://dbrs.morningstar.com/research/455697.
In Morningstar DBRS' opinion, a Discontinue-Withdrawn credit rating action does not warrant the application of the entire principal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/443963.
Lead Analyst: Helvia Meana, Assistant Vice President
Rating Committee Chair: Carlos Silva, Senior Vice President, Sector Lead
Initial Rating Date: 22 July 2024
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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 https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.
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