Morningstar DBRS Discontinues Credit Ratings on Tagus - Sociedade de Titularização de Créditos, S.A. (Victoria Finance No. 1)

DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit ratings on the Class A Notes, Class B Notes and Class C Notes (together, the Notes) issued by Tagus - Sociedade de Titularização de Créditos, S.A. (Victoria Finance No. 1)

The discontinuation reflects the full repayment of the Notes on the 23 May 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 A (high) (sf); EUR 35,264,319.50
-- Class B Notes rated BBB (sf); EUR 31,079,952.00
-- Class C Notes rated BB (high) (sf); EUR 11,654,982.00

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/436807.

Lead Analyst: Jose Escandell, Assistant Vice President,
Rating Committee Chair: Paolo Conti, Associate Managing Director
Initial Rating Date: 28 July 2020

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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.