European Residential Loan Securitisation 2019-NPL1 DAC: Presale Report

DBRS assigned provisional ratings of A (sf ) to the Class A notes, BBB (high) (sf ) to the Class B notes and BB (sf ) to the Class C notes (together, the Rated Notes) to be issued by European Residential Loan Securitisation 2019-NPL1 DAC (Issuer or ERLS 2019-NPL1). The Class P and Class D notes are unrated and retained by LSF IX Paris Investments DAC. The rating on the Class A notes addresses the timely payment of interest and ultimate payment of principal. The ratings on the Class B and Class C notes address the ultimate payment of interest and ultimate payment of principal. The transaction benefits from an amortising Class A reserve fund, a separate non-amortising Class B reserve fund and Class C reserve fund, which provide liquidity support to the Class A, Class B and Class C notes, respectively, and provide principal support to the Rated Notes at maturity, if available.