DBRS Morningstar Publishes Final Methodology on Rating European Rental Car Securitisations and Updated Master European Structured Finance Surveillance Methodology

DBRS Morningstar finalised its “Rating European Rental Car Securitisations” methodology as well as its “Master European Structured Finance Surveillance Methodology.”

The methodologies present the criteria for which European rental car asset-backed security transaction ratings are assigned and/or monitored.

Publication of these methodologies follows the conclusion of the request for comment period that began on 3 November 2022. DBRS Morningstar received no comments during the request for comment period.

The “Master European Structured Finance Surveillance Methodology” supersedes the version published on 19 May 2022 and is effective as of 21 December 2022.

DBRS Morningstar deems the update to the “Master European Structured Finance Surveillance Methodology” to be material, but determined that no outstanding public credit ratings are expected to be affected as a result.

All comments received during the request for comment period have been published to the DBRS Morningstar website, except in cases where confidentiality is requested by the respondent.

Notes:
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the “DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings” at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (17 May 2022).

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

DBRS Morningstar methodologies are publicly available on its website www.dbrsmorningstar.com under Methodologies & Criteria.

For more information on this methodology or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].