Morningstar DBRS Discontinues Credit Ratings on Dutch Property Finance 2020-2 B.V.

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A, Class B, Class C, Class D, and Class E Notes (together, the Rated Notes) issued by Dutch Property Finance 2020-2 B.V.

The discontinuation reflects the full repayment of the Rated Notes on the 28 April 2025 payment date following the exercise of the Seller Prepayment Call 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); EUR 114,862,000.00
-- Class B Notes rated AAA (sf); EUR 11,537,000.00
-- Class C Notes rated AA (high) (sf); EUR 12,837,000.00
-- Class D Notes rated A (sf); EUR 17,225,000.00
-- Class E Notes rated BBB (high) (sf); EUR 4,712,000.00

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 credit rating action press release published for this transaction: https://dbrs.morningstar.com/research/435745.

Lead Analyst: Daniel Rakhamimov, Assistant Vice President
Rating Committee Chair: Alfonso Candelas, Associate Managing Director
Initial Rating Date: 8 September 2020

DBRS Ratings GmbH
Neue Mainzer Straße 75
D-60311 Frankfurt am Main
Tel. +49 (69) 8088 3500
Geschäftsführung: Detlef Scholz, Marta Zurita Bermejo
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 dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.