DBRS Morningstar Confirms Ratings on Finsbury Square 2019-1 plc and Finsbury Square 2020-1 plc

DBRS Ratings Limited (DBRS Morningstar) confirmed the following ratings on the notes issued by Finsbury Square 2019-1 plc (Finsbury Square 2019-1):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (high) (sf)

The ratings on the Class A Notes, B, C, D, and E notes address the timely payment of interest and ultimate payment of principal on or before the legal final maturity date, on the payment date in June 2069.

DBRS Ratings Limited also confirmed the following ratings on the notes issued by Finsbury Square 2020-1 plc (Finsbury Square 2020-1):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (high) (sf)
-- Class C Notes at A (high) (sf)
-- Class D Notes at BBB (high) (sf)
-- Class X Notes at BB (high) (sf)

The rating on the Class A Notes addresses the timely payment of interest and ultimate repayment of principal on or before the final maturity date on the payment date in March 2070. The ratings on the Class B, C, and D notes address the timely payment of interest once most senior and the ultimate repayment of principal on or before the final maturity date on the payment date in March 2070. The rating on the Class X Notes addresses the ultimate payment of interest and repayment of principal by the final maturity date on the payment date in March 2070.

DBRS Morningstar also discontinued its rating on the Class X Notes of Finsbury Square 2019-1, following their full repayment on the 16 December 2020 payment date. Prior to their repayment, the outstanding principal of the Class X Notes was GBP 2,071,739.79, with a rating of CC (sf).

The confirmations follow a review of the transactions and are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the December 2020 payment date.
-- Lifetime Portfolio Default Rates (PD), Loss Given Default Rates (LGD), and expected loss assumptions on the remaining receivables.
-- Current available credit enhancement to the notes to cover the expected losses at their respective rating levels.
-- Current economic environment and an assessment of sustainable performance, as a result of the Coronavirus Disease (COVID-19) pandemic.

Both transactions are securitisations collateralised by a portfolio of residential mortgage loans granted by Kensington Mortgage Company Limited (KMC) in England, Wales, and Scotland. Notable features of the portfolio are Help-to-Buy (HTB), Right-to-Buy (RTB) mortgages, Buy-to-Let (BTL) properties, borrowers with adverse borrower features including self-employed borrowers and borrowers with prior county court judgments and the presence of arrears at closing, albeit in limited proportions. The outstanding portfolio balance increased to GBP 515,688,018 from GBP 375,649,014 and to GBP 632,411,120 from GBP 497,326,203, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively, between closing and the first payment date falling in September 2019 and in June 2020, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively, as additional loans were purchased during that period. The portfolio has been amortising since in both transactions.

PORTFOLIO PERFORMANCE
Both transactions have seen an increasing trend in delinquencies over the 2020 year in the context of the coronavirus pandemic. KMC offered principal payment holidays between one and three months from March 2020.

In the case of the Finsbury Square 2019-1 transaction, the 90+ delinquency ratio represented 2.0% of the outstanding portfolio balance as of the December 2020 payment date, up from 1.2%, respectively at last annual review and total arrears were 7.8% of the outstanding portfolio balance, up from 4.6% at last annual review. As of the December 2020 payment date, loans granted principal payment holidays in the context of the coronavirus pandemic represented 2.0% of the outstanding portfolio balance, compared with 34.1% at the end of May 2020.

In the case of the Finsbury Square 2020-1 transaction, the 90+ delinquency ratio represented 1.4% of the outstanding portfolio balance as of the December 2020 payment date, up from 1.2% at the first payment date and total arrears were 3.0% of the outstanding portfolio balance, up from 2.0% at the first payment date. As of the December 2020 payment date, loans granted principal payment holidays in the context of the coronavirus pandemic represented 2.7% of the outstanding portfolio balance, compared with 34.6% at the end of May 2020.

As of the December 2020 payment date, cumulative net losses were immaterial in both transactions.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS
DBRS Morningstar conducted a loan-by-loan analysis of the remaining pool of receivables.

In the case of Finsbury Square 2019-1, DBRS Morningstar has increased its base case PD and LGD assumptions to 10.1% and 18.7%, respectively, from 7.4% and 17.0%, respectively, at last annual review.

In the case of Finsbury Square 2020-1, DBRS Morningstar has increased its base case PD and LGD assumptions to 6.7% and 20.8%, respectively, from 5.1% and 19.6%, respectively, at closing.

For both transactions, DBRS Morningstar’s analysis factors the presence of HTB mortgages (6.7% and 5.7% of the outstanding portfolio balance for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively) and BTL mortgages (28.9% and 32.7% of the outstanding portfolio balance for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively) as well as a high proportion of self-employed borrowers (45.3% and 47.6% of the outstanding portfolio balance for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively). DBRS Morningstar incorporated these adverse features as well as adjustments resulting from the coronavirus pandemic into its analysis for both transactions.

CREDIT ENHANCEMENT
As of the December 2020 payment date, the credit enhancement (CE) for Finsbury Square 2019-1 increased since the last annual review as follows:

--CE to the Class A Notes increased to 21.8%, up from 19.1%
--CE to the Class B Notes increased to 15.7%, up from 13.8%
--CE to the Class C Notes increased to 10.3%, up from 9.0%
--CE to the Class D Notes increased to 7.3%, up from 6.4%
--CE to the Class E Notes increased to 6.1%, up from 5.3%

In the case of the Finsbury Square 2019-1 transaction, the CE for the Class A to E notes consists of the subordination of the respective junior notes and a General Reserve Fund (GRF).

As of the December 2020 payment date, the CE for Finsbury Square 2020-1 increased since the DBRS Morningstar initial rating as follows:

--CE to the Class A Notes increased to 15.3%, up from 14.5%
--CE to the Class B Notes increased to 10.6%, up from 10.0%
--CE to the Class C Notes increased to 6.9%, up from 6.5%
--CE to the Class D Notes increased to 5.3%, up from 5.0%
--CE to the Class X Notes remained at 0.0%

In the case of the Finsbury Square 2020-1 transaction, the CE for the Class A to D notes also consists of the subordination of the respective junior notes and a GRF.

In both transactions, the GRF is nonamortising and is available to cover senior fees, senior swap payments, interest on the Class A to F notes in the case of Finsbury Square 2019-1 (on the Class A to E notes in the case of Finsbury Square 2020-1) and principal losses via the principal deficiency ledgers (PDLs) on the Class A to F notes in the case of Finsbury Square 2019-1 (on the Class A to E notes in the case of Finsbury Square 2020-1).

The GRF was funded at GBP 9,997,500 and GBP 13,975,000 at closing, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively, and reduced to GBP 9,300,000 and GBP 13,000,000 at the first payment date, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively. As of the December 2020 payment date, both GRFs were at their target level of GBP 9,300,000 and GBP 13,000,000, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively, equal to 2% of the initial Class A to F notes in the case of Finsbury Square 2019-1 (Class A to E notes in the case of Finsbury Square 2020-1). Once the Class E Notes in the case of Finsbury Square 2019-1 (Class D Notes in the case of Finsbury Square 2020-1) are fully redeemed, the target balance of the GRF becomes zero. As of the December 2020 payment date, all PDLs were clear in both transactions.

In both transactions, a Liquidity Reserve Fund (LRF) provides additional liquidity support to cover senior fees, senior swap payments, and interest on the Class A and Class B notes. The LRF is funded through available principal funds if the GRF balance falls below 1.5% of the outstanding Class A to F notes for Finsbury Square 2019-1 (Class A to E notes in the case of Finsbury Square 2020-1). In this event, the LRF is funded to 2% of the outstanding Class A and Class B notes balances and is replenished at each payment date, in both transactions.

Both transactions are exposed to interest rate risk as 87.0% and 85.1% of the outstanding portfolio balance, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively, pays a fixed rate of interest on a short-term basis and a floating rate of interest indexed to three-month GBP Libor afterwards, while the rated notes are indexed to three-month GBP Libor and Sonia, for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively.

In addition, loans can be subject to a variation in the length of the fixed-rate period, the applicable interest rate, and maturity date through a “Product Switch” up to 20% of the Class A to F original balance in the case of Finsbury Square 2019-1 (Class A to E original balance in the case of Finsbury Square 2020-1). As of the December 2020 payment date, Product Switch loans represented 0.6% and 0.0% for Finsbury Square 2019-1 and Finsbury Square 2020-1, respectively.

Citibank N.A./London Branch (Citibank London) acts as the account bank for both transactions. Based on the DBRS Morningstar private rating of Citibank London, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structures, DBRS Morningstar considers the risk arising from the exposure to the account bank to be consistent with the ratings assigned to the Class A Notes, as described in DBRS Morningstar's "Legal Criteria for European Structured Finance Transactions" methodology.

BNP Paribas London Branch (BNP Paribas London) acts as the swap counterparty for both transactions. DBRS Morningstar's private rating of BNP Paribas London Branch is above the First Rating Threshold as described in DBRS Morningstar's "Derivative Criteria for European Structured Finance Transactions" methodology.

DBRS Morningstar analysed the structure of each transaction in Intex DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation measures have caused an economic contraction, leading to sharp increases in unemployment rates and income reductions for many borrowers. DBRS Morningstar anticipates that delinquencies may continue to arise in the coming months for many RMBS transactions, some meaningfully. The ratings are based on additional analysis and adjustments to expected performance as a result of the global efforts to contain the spread of the coronavirus.

For these transactions, DBRS Morningstar increased the expected default rate for self-employed borrowers, and incorporated a moderate reduction in residential property values.

The DBRS Morningstar Sovereign group released on 16 April 2020 a set of macroeconomic scenarios for the 2020-22 period in select economies. These scenarios were last updated on 28 January 2021. For details see the following commentaries: https://www.dbrsmorningstar.com/research/372842/global-macroeconomic-scenarios-january-2021-update and https://www.dbrsmorningstar.com/research/359903/global-macroeconomic-scenarios-application-to-credit-ratings.

DBRS Morningstar analysis considered impacts consistent with the moderate scenario in the referenced reports.

On 5 May 2020, DBRS Morningstar published a commentary outlining how the coronavirus crisis is likely to affect DBRS Morningstar-rated RMBS transactions in Europe. For more details please see https://www.dbrsmorningstar.com/research/360599/european-rmbs-transactions-risk-exposure-to-coronavirus-covid-19-effect and https://www.dbrsmorningstar.com/research/362712/european-structured-finance-covid-19-credit-risk-exposure-roadmap.

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

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.

ESG CONSIDERATIONS
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/373262.

Notes:
All figures are in British pound sterling unless otherwise noted.

The principal methodology applicable to the ratings is the “Master European Structured Finance Surveillance Methodology” (8 February 2021).

DBRS Morningstar has applied the principal methodology consistently and conducted a review of the transactions in accordance with the principal methodology.

A review of the transaction legal documents was not conducted as the legal documents have remained unchanged since the most recent rating actions.

Other methodologies referenced in these transactions are listed at the end of this press release.

These may be found at: http://www.dbrsmorningstar.com/about/methodologies.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to “Appendix C: The Impact of Sovereign Ratings on Other DBRS Morningstar Credit Ratings” of the “Global Methodology for Rating Sovereign Governments” at: https://www.dbrsmorningstar.com/research/364527/global-methodology-for-rating-sovereign-governments.

The sources of data and information used for these ratings include quarterly investor reports provided by Citibank London in the case of Finsbury Square 2019-1 and by Deutsche Bank AG, London Branch in the case of Finsbury Square 2020-1 as well as additional data provided by KMC for both transactions.

DBRS Morningstar did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial ratings on both transactions, DBRS Morningstar was supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS Morningstar considers the data and information available to it for the purposes of providing these ratings to be of satisfactory quality.

DBRS Morningstar does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating actions on these transactions took place on 27 March 2020 and 21 February 2020, when DBRS Morningstar confirmed the ratings on Finsbury Square 2019-1 and finalised its provisional ratings on Finsbury Square 2020-1, respectively.

The lead analyst responsibilities for Finsbury Square 2020-1 have been transferred to Natalia Coman.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com.

To assess the impact of changing the transaction parameters on the ratings, DBRS Morningstar considered the following stress scenarios, as compared to the parameters used to determine the ratings (the Base Case):

-- DBRS Morningstar expected a lifetime base case PD and LGD for the pool based on a review of the current assets. Adverse changes to asset performance may cause stresses to base case assumptions and therefore have a negative effect on credit ratings.
-- The base case PD and LGD of the current pool of receivables are 10.1% and 18.7%, respectively for Finsbury Square 2019-1.
-- The base case PD and LGD of the current pool of receivables are 6.7% and 20.8%, respectively for Finsbury Square 2020-1.
-- The Risk Sensitivity overview below illustrates the ratings expected if the PD and LGD increase by a certain percentage over the base case assumption. In the case of Finsbury Square 2019-1, for example, if the LGD increases by 50%, the rating of the Class A Notes would be expected to fall to AA (high) (sf), assuming no change in the PD. If the PD increases by 50%, the rating of the Class A Notes would be expected to fall to AA (sf), assuming no change in the LGD. Furthermore, if both the PD and LGD increase by 50%, the rating of the Class A Notes would be expected to fall to A (sf).

In the case of Finsbury Square 2020-1, for example, if the LGD increases by 50%, the rating of the Class A Notes would be expected to fall to AA (sf), assuming no change in the PD. If the PD increases by 50%, the rating of the Class A Notes would be expected to fall to AA (sf), assuming no change in the LGD. Furthermore, if both the PD and LGD increase by 50%, the rating of the Class A Notes would be expected to fall to A (sf).

For the Finsbury Square 2019-1 transaction:
Class A Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of AAA (sf)
-- 50% increase in LGD, expected rating of AA (high) (sf)
-- 25% increase in PD, expected rating of AA (high) (sf)
-- 50% increase in PD, expected rating of AA (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of AA (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of A (high) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of A (high) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of A (sf)

Class B Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of AA (low) (sf)
-- 50% increase in LGD, expected rating of A (high) (sf)
-- 25% increase in PD, expected rating of AA (low) (sf)
-- 50% increase in PD, expected rating of A (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of A (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of A (low) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of A (low) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BBB (high) (sf)

Class C Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of A (low) (sf)
-- 50% increase in LGD, expected rating of BBB (high) (sf)
-- 25% increase in PD, expected rating of BBB (high) (sf)
-- 50% increase in PD, expected rating of BBB (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of BBB (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of BBB (low) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of BBB (low) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BB (high) (sf)

Class D Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of BBB (low) (sf)
-- 50% increase in LGD, expected rating of BB (high) (sf)
-- 25% increase in PD, expected rating of BBB (low) (sf)
-- 50% increase in PD, expected rating of BB (high) (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of BB (high) (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of BB (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of BB (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BB (low) (sf)

Class E Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of BB (sf)
-- 50% increase in LGD, expected rating of BB (low) (sf)
-- 25% increase in PD, expected rating of BB (high) (sf)
-- 50% increase in PD, expected rating of BB (low) (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of BB (low) (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of B (high) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating B (high) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of B (sf)

For the Finsbury Square 2020-1 transaction:
Class A Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of AAA (sf)
-- 50% increase in LGD, expected rating of AA (sf)
-- 25% increase in PD, expected rating of AA (high) (sf)
-- 50% increase in PD, expected rating of AA (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of AA (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of A (high) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of A (high) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of A (sf)

Class B Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of A (high) (sf)
-- 50% increase in LGD, expected rating of A (sf)
-- 25% increase in PD, expected rating of AA (low) (sf)
-- 50% increase in PD, expected rating of A (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of A (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of BBB (high) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of A (low) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BBB (high) (sf)

Class C Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of BBB (high) (sf)
-- 50% increase in LGD, expected rating of BBB (sf)
-- 25% increase in PD, expected rating of BBB (high) (sf)
-- 50% increase in PD, expected rating of BBB (high) (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of BBB (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of BB (high) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of BBB (low) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BB (high) (sf)

Class D Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of BBB (low) (sf)
-- 50% increase in LGD, expected rating of BB (high) (sf)
-- 25% increase in PD, expected rating of BB (high) (sf)
-- 50% increase in PD, expected rating of BB (high) (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of BB (high) (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of BB (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of BB (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BB (low) (sf)

Class X Notes Risk Sensitivity:
-- 25% increase in LGD, expected rating of BB (high) (sf)
-- 50% increase in LGD, expected rating of BB (high) (sf)
-- 25% increase in PD, expected rating of BB (high) (sf)
-- 50% increase in PD, expected rating of BB (high) (sf)
-- 25% increase in PD and 25% increase in LGD, expected rating of BB (high) (sf)
-- 25% increase in PD and 50% increase in LGD, expected rating of BB (high) (sf)
-- 50% increase in PD and 25% increase in LGD, expected rating of BB (high) (sf)
-- 50% increase in PD and 50% increase in LGD, expected rating of BB (sf)

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

These ratings are endorsed by DBRS Ratings GmbH for use in the European Union.

Lead Analyst: Natalia Coman, Senior Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Dates: 4 March 2019 for Finsbury Square 2019-1 and 24 January 2020 for Finsbury Square 2020-1

DBRS Ratings Limited
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London EC3M 3BY United Kingdom
Tel. +44 (0) 20 7855 6600
Registered and incorporated under the laws of England and Wales: Company No. 7139960

The rating methodologies used in the analysis of these transactions can be found at: http://www.dbrsmorningstar.com/about/methodologies

-- Master European Structured Finance Surveillance Methodology (8 February 2021)
https://www.dbrsmorningstar.com/research/373435/master-european-structured-finance-surveillance-methodology
-- European RMBS Insight Methodology (2 April 2020) and European RMBS Insight Model 5.0.0.1 https://www.dbrsmorningstar.com/research/359192/european-rmbs-insight-methodology
-- European RMBS Insight: U.K. Addendum (9 October 2020)
https://www.dbrsmorningstar.com/research/368132/european-rmbs-insight-uk-addendum
-- Interest Rate Stresses for European Structured Finance Transactions (28 September 2020)
https://www.dbrsmorningstar.com/research/367292/interest-rate-stresses-for-european-structured-finance-transactions
-- Legal Criteria for European Structured Finance Transactions (11 September 2019)
https://www.dbrsmorningstar.com/research/350234/legal-criteria-for-european-structured-finance-transactions
-- Derivative Criteria for European Structured Finance Transactions (24 September 2020)
https://www.dbrsmorningstar.com/research/367092/derivative-criteria-for-european-structured-finance-transactions
-- Operational Risk Assessment for European Structured Finance Servicers (19 November 2020) https://www.dbrsmorningstar.com/research/370270/operational-risk-assessment-for-european-structured-finance-servicers
-- DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (3 February 2020)
https://www.dbrsmorningstar.com/research/373262/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrsmorningstar.com/research/278375

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