European Residential Loan Securitisation 2020-NPL1 DAC: Rating Report

On 23 November 2020, DBRS Ratings Limited (DBRS Morningstar) assigned a rating of A (sf) with a Negative trend to the Class A notes issued by European Residential Loan Securitisation 2020-NPL1 DAC. Proceeds from the issuance of the notes were used to purchase first-charge nonperforming and reperforming Irish residential mortgage loans originated by Permanent TSB p.l.c. For insights beyond the rating, see the rating report.