Morningstar DBRS Discontinues Credit Ratings on Tudor Rose Mortgages 2021-1 PLC

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C, Class D and Class RFN Notes (together, the Rated Notes) issued by Tudor Rose Mortgages 2021-1 PLC.

The discontinuations reflect the full repayment of the Rated Notes on 20 March 2025 following the Issuer's exercise of Mortgage Portfolio Purchase Option. 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); GBP 43,168,240.40
-- Class B Notes rated AAA (sf); GBP 16,700,000.00
-- Class C Notes rated AA (sf); GBP 7,100,000.00
-- Class D Notes rated A (low) (sf); GBP 9,746,000.00
-- Class RFN Notes rated BBB (low) (sf); GBP 5,200,000.00

The principal methodology applicable to the credit ratings 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/444834.

Lead Analyst: Petter Wettestad, Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 22 November 2021

DBRS Ratings Limited
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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.