Morningstar DBRS Discontinues Credit Rating on Red & Black Auto Lease France 1

DBRS Ratings GmbH (Morningstar DBRS) discontinued its AAA (sf) credit ratings on the Class B Notes issued by Red & Black Auto Lease France 1.

The discontinuation reflects the full repayment of the Class B Notes on the 27 January 2025 payment date. Prior to the repayment in full, the outstanding principal balance of the Class B Notes was EUR 40,131,172.45.

The principal methodology applicable to the credit rating is : "Master European Structured Finance Surveillance Methodology" (4 February, 2025) https://dbrs.morningstar.com/research/447080.

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/441686.

Lead Analyst: Baran Cetin, Senior Analyst
Rating Committee Chair: Mark Wilder, Senior Vice President
Initial Rating Date: 5 October 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.