Morningstar DBRS Discontinues Credit Ratings on NewDay Funding Master Issuer plc, Series 2022-1

DBRS Ratings Limited (Morningstar DBRS) discontinued its credit ratings on the Series 2022-1 Class A1, Class A2, Class B, Class C, Class D, Class E and Class F Notes (together, the Rated Notes) issued by NewDay Funding Master Issuer plc.

The credit rating discontinuations reflect the full repayment of the Rated Notes on 15 April 2025. Prior to their repayment in full, the credit ratings and the outstanding principal balances of the Rated Notes were as follows:

--Class A1 Notes rated at AAA (sf); GBP 75,800,000.00
--Class A2 Notes rated at AAA (sf); GBP 100,000,000.00
--Class B Notes rated at AA (sf); GBP 21,000,000.00
--Class C Notes rated at A (low) (sf); GBP 36,300,000.00
--Class D Notes rated at BBB (sf); GBP 40,800,000.00
--Class E Notes rated at BB (sf); GBP 23,700,000.00
--Class F Notes rated at B (high) (sf); GBP 8,179,000.00

The principal methodology applicable to the credit ratings is Rating European Consumer and Commercial Asset-Backed Securitisations (18 September, 2024) https://dbrs.morningstar.com/research/439583.

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 at https://dbrs.morningstar.com/research/450159

Lead Analyst: Jeffrey Cespon, Vice President
Rating Committee Chair: Paolo Conti, Associate Managing Director
Initial Rating Date: 31 March 2022

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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.