Rating Report

aZul Master Credit Cards DAC, Series 2020-1: Rating Report

Consumer Loans & Credit Cards

Summary

DBRS Ratings Limited (DBRS Morningstar) assigned ratings to the notes issued by aZul Master Credit Cards DAC (the Issuer) as follows:

-- Series 2020-01, Class A Notes at A (high) (sf)
-- Series 2020-01, Class C Notes at BB (sf)

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