Morningstar DBRS Discontinues Credit Ratings on Dilosk RMBS No. 5 DAC

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C, Class D, Class E, and Class F Notes (together, the Notes) issued by Dilosk RMBS No. 5 DAC.

The discontinuation reflects the full repayment of the Notes on the 20 March 2025 payment date. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Notes were as follows: 

-- Class A Notes rated AAA (sf); EUR 143,271,191.88
-- Class B Notes rated AA (high) (sf); EUR 27,701,000.00
-- Class C Notes rated AA (high) (sf); EUR 11,752,000.00
-- Class D Notes rated AA (sf); EUR 7,555,000.00
-- Class E Notes rated A (sf); EUR 5,036,000.00
-- Class F Notes rated A (low) (sf); EUR 2,518,000.00

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/438970.

The lead analyst responsibilities for this transaction have been transferred to Helvia Meana Ramon.

Lead Analyst: Helvia Meana Ramon, Assistant Vice President
Rating Committee Chair: Rehanna Sameja, 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 https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.