DBRS Morningstar Confirms Provisional Ratings on GoodGreen Trust 2020-1

DBRS, Inc. (DBRS Morningstar) confirmed its provisional ratings on the following classes of notes to be issued by GoodGreen Trust 2020-1, originally assigned on July 17, 2020, in conjunction with DBRS Morningstar’s “Global Macroeconomic Scenarios: July Update” published on July 22, 2020:

-- $274,261,000 Class A rated AAA (sf)
-- $8,483,000 Class B rated AA (sf)
-- $35,342,000 Class C rated BBB (sf)

The transaction’s assumptions consider DBRS Morningstar’s set of macroeconomic scenarios for select economies related to the Coronavirus Disease (COVID-19). DBRS Morningstar initially published macroeconomic scenarios on April 16, 2020, which were last updated on July 22, 2020, and are reflected in DBRS Morningstar’s rating analysis.

Despite the update to the moderate scenario, DBRS Morningstar made no changes to its assumptions for the transaction. DBRS Morningstar maintains its assumption as they were based on various factors and considerations consistent with the revised macroeconomic assumptions put forth in the update to the moderate scenario.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating U.S. Property Assessed Clean Energy (PACE) Securitizations (July 31, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

For more information regarding the structured finance rating approach and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359905.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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