Morningstar DBRS Discontinues Credit Ratings on Cartesian Residential Mortgages 4 S.A.

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C, and Class D Notes (together, the Rated Notes) issued by Cartesian Residential Mortgages 4 S.A.

The discontinuation reflects the full repayment of the Rated Notes on the 25 November 2024 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Rated Notes were as follows:

-- Class A Notes rated AAA (sf); EUR 264,537,000.0.
-- Class B Notes rated AAA (sf); EUR 8,550,000.0
-- Class C Notes rated AA (sf); EUR 8,550,000.0
-- Class D Notes rated AA (low) (sf); EUR 5,700,000.0.

The principal methodology applicable to the credit ratings is "Master European Structured Finance Surveillance Methodology" (19 November 2024) https://dbrs.morningstar.com/research/443204.

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/issuers/23962.

Lead Analyst: Daniel Rakhamimov, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 27 June 2019

DBRS Ratings GmbH
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Amtsgericht Frankfurt am Main, HRB 110259

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.