Morningstar DBRS Upgrades and Confirms Credit Ratings on Three Together Asset Backed Securitisation CRE Transactions

DBRS Ratings Limited (Morningstar DBRS) took the following credit rating actions on the notes issued by Together Asset Backed Securitisation 2021-CRE1 Plc (TABS 2021-CRE1), Together Asset Backed Securitisation 2021-CRE2 Plc (TABS 2021-CRE2), and Together Asset Backed Securitisation 2022-CRE1 Plc (TABS 2022-CRE1) as follows:

TABS 2021-CRE1:
-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (high) (sf) from AA (sf)
-- Class C Notes upgraded to AA (sf) from A (sf)
-- Class D Notes upgraded to A (low) (sf) from BBB (high) (sf)
-- Class E Notes upgraded to BB (sf) from BB (low) (sf)

The credit rating on the Class A Notes addresses the timely payment of interest and ultimate payment of principal on or before the legal final maturity date. The credit ratings on the Class B, Class C, Class D, and Class E notes address the timely payment of interest while the senior-most class outstanding and the ultimate payment of interest and principal on or before the legal final maturity date.

TABS 2021-CRE2:
-- Class A Loan Note confirmed at AAA (sf)
-- Class B Notes upgraded to AA (sf) from AA (low) (sf)
-- Class C Notes upgraded to AA (low) (sf) from A (low) (sf)
-- Class D Notes confirmed at BBB (low) (sf)
-- Class E Notes confirmed at B (sf)

The credit rating on the Class A Loan Note addresses the timely payment of interest and the ultimate repayment of principal on or before the legal final maturity date. The credit ratings on the Class B, Class C, Class D, and Class E notes address the timely payment of interest while the senior-most class outstanding and the ultimate repayment of principal on or before the legal final maturity date.

TABS 2022-CRE1:
-- Loan Note confirmed at AA (sf)
-- Class B confirmed at A (sf)
-- Class C confirmed at BBB (sf)
-- Class D confirmed at BB (sf)

The credit rating on the Loan Note addresses the timely payment of interest and the ultimate repayment of principal on or before the legal final maturity date. The credit ratings on the Class B, Class C, and Class D notes address the timely payment of interest while the senior-most class outstanding and the ultimate repayment of principal on or before the legal final maturity date.

The credit rating actions on all transactions are based on the following analytical considerations:
-- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the latest payment date (February 2024 for TABS 2021-CRE1 and TABS 2021-CRE2, and January 2024 for TABS 2022-CRE1);
-- Portfolio default rate (PD), loss given default (LGD), and expected loss assumptions on the remaining receivables; and
-- Current available credit enhancement (CE) to the notes to cover the expected losses at their respective credit rating levels.

The transactions are securitisations of first- and second-lien mortgage loans, both owner-occupied and non-owner-occupied, backed by commercial, mixed-use, and residential properties located in the United Kingdom. The mortgages are originated and serviced by Together Commercial Finance Limited (TCFL). In TABS 2022-CRE1, the mortgages are also originated and serviced by Harpmanor Limited (Harpmanor), which is part of the Together Group. Morningstar DBRS considered Harpmanor’s underwriting and servicing practices to be in line with TCFL’s, allowing a comparison with TABS 2021-CRE1 and TABS 2021-CRE2 and similar analysis for the transaction.

BCM Global Mortgage Services Limited (formerly Link Mortgages Services Limited) acts as the standby servicer for all transactions.

The loans in the portfolios are also subject to cross-default and cross-collateralisation, and include borrowers with prior county court judgments and a high concentration of self-employed borrowers.

The Class A Loan Note in TABS 2021-CRE2 and the Loan Note in TABS 2022-CRE1 are not listed and were instead purchased by the respective noteholders via a loan note agreement. Similar to the other classes of notes, the Class A Loan Noteholder/Loan Noteholder is entitled to receive payments of interest and principal in line with the priority of payments.

The first call dates are the February 2025, February 2026, and October 2026 payment dates for TABS 2021-CRE1, TABS 2021-CRE2, and TABS 2022-CRE1, respectively, and coincide with a step-up in the coupons. The legal final maturity dates are the January 2055, August 2052, and April 2054 payment dates, respectively.

PORTFOLIO PERFORMANCE
For TABS 2021-CRE1, two- to three-month delinquencies and 90+-day delinquencies were 0.7% and 0.9% of the outstanding portfolio balance as of the latest payment date, respectively, up from 0.8% and 0.4%, respectively, since the last annual review.

For TABS 2021-CRE2, two- to three-month delinquencies and 90+-day delinquencies were 2.0% and 1.4% of the outstanding portfolio balance as of the latest payment date, respectively, compared with 0.0% and 1.1%, respectively, at the last annual review.

For TABS 2022-CRE1, two to three-month delinquencies and 90+-day delinquencies were 1.5% and 2.1% of the outstanding portfolio balance as of the latest payment date, respectively, compared with 0.6% and 0.0%, respectively, at the last annual review.

As of the latest payment date, there were no cumulative repossessions and cumulative principal losses were zero for all transactions. The outstanding balance of loans in Law of Property Act (LPA) receivership represented 1.4%, 2.4%, and 3.5% of the outstanding portfolio balance in TABS 2021-CRE1, TABS 2021-CRE2, and TABS 2022-CRE1, respectively. So far the LPA process has not led to any repossessions, with agreements being reached with the relevant borrowers to enable them to repay their loans.

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

For TABS 2021-CRE1, Morningstar DBRS updated its base case PD and LGD assumptions at the B (sf) credit rating level to 12.0% and 7.7%, respectively, from 10.1% and 10.3% at the last annual review, respectively.

For TABS 2021-CRE2, Morningstar DBRS updated its base case PD and LGD assumptions at the B (sf) credit rating level to 12.6% and 12.0%, respectively, from 10.9% and 14.5% at the last annual review, respectively.

For TABS 2022-CRE1, Morningstar DBRS updated its base case PD and LGD assumptions to 14.3% and 10.5%, respectively, from 10.0% and 13.1%, at the last annual review, respectively.

In all transactions, the increase in the PD assumptions is driven by the increase in delinquencies and portion of loans in the LPA process, while the decrease in the LGD assumptions follows the decrease in loan-to-value along with the portfolio amortisation.

CREDIT ENHANCEMENT
As of the latest payment date, the CE evolved since the last credit rating action as follows:

TABS 2021-CRE1
-- CE to the Class A Notes increased to 35.6% from 28.9%
-- CE to the Class B Notes increased to 26.5% from 21.5%
-- CE to the Class C Notes increased to 19.4% from 15.8%
-- CE to the Class D Notes increased to 13.0% from 10.5%
-- CE to the Class E Notes increased to 7.0% from 5.6%

TABS 2021-CRE2
-- CE to the Class A Loan Note increased to 35.1% from 28.3%
-- CE to the Class B Notes increased to 26.1% from 21.1%
-- CE to the Class C Notes increased to 19.1% from 15.4%
-- CE to the Class D Notes increased to 12.8% from 10.3%
-- CE to the Class E Notes increased to 6.9% from 5.5%

TABS 2022-CRE1
-- CE to the Loan Note increased to 18.1% from 15.0%
-- CE to Class B increased to 12.2% from 10.0%
-- CE to Class C increased to 7.6% from 6.1%
-- CE to Class D increased to 5.0% from 3.9%

The substantial increase in the CE since the last annual review drives the upgrades of the credit ratings in TABS 2021-CRE1 and TABS 2021-CRE2, while the limited CE increase along with the increase in the loss assumptions in TABS 2022-CRE1 led to a confirmation of the credit ratings at their current levels.

The CE to the notes consists of the subordination of the respective junior notes as well as the general reserve fund (GRF) for TABS 2021-CRE1 and TABS 2021-CRE2. The GRF for each is available to cover senior fees and interest on the Class A/Class A Loan Note to the Class E Notes and principal losses via the principal deficiency ledgers (PDLs) on the Class A/Class A Loan Note to Class Z notes. As of the February 2024 payment date, both GRFs were at their target level, equal to 2% of the portfolio outstanding balance at closing minus the liquidity reserve.

As of the latest payment date, all PDLs were clear in all transactions.

The Class A Notes/Class A Loan Note/Loan Note benefit from a dedicated liquidity reserve, which covers the payment of senior fees and interest shortfalls on this class of notes/loan note. The liquidity reserve is amortising with a target amount set at 1.5% of the Class A Notes/Class A Loan Note outstanding balance and floored at 1% of the Class A Notes/Class A Loan Note balance at closing in TABS 2021-CRE1 and TABS 2021-CRE2. The liquidity reserve is amortising with a target amount set at 1.5% of the portfolio outstanding balance in TABS 2022-CRE1. Any excess amounts become part of the available revenue receipts. As of the latest payment date, the liquidity reserve was at its target balance in all transactions.

Elavon Financial Services DAC, UK Branch (Elavon UK) acts as the account bank for all transactions. Based on Morningstar DBRS’ private credit rating on Elavon UK, the downgrade provisions outlined in the transaction documents, and other mitigating factors inherent in the transaction structures, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the Class A Notes/Class A Loan Note/Loan Note in the transactions, as described in Morningstar DBRS' "Legal Criteria for European Structured Finance Transactions" methodology.

Morningstar DBRS’ credit ratings on the rated notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents.

Morningstar DBRS’ credit ratings on the rated notes also address the credit risk associated with the increased rate of interest applicable to the rated notes if the rated notes are not redeemed on the Optional Redemption Date (as defined in and) in accordance with the applicable transaction document(s).

Morningstar DBRS’ credit rating does not address nonpayment risk associated with contractual payment obligations contemplated in the applicable transaction documents that are not financial obligations.

Morningstar DBRS’ long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://dbrs.morningstar.com/research/427030.

Morningstar DBRS analysed the transactions’ structure in Intex DealMaker.

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

The principal methodology applicable to the credit ratings is: “Master European Structured Finance Surveillance Methodology” (7 March 2024), https://dbrs.morningstar.com/research/429051.

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

Morningstar DBRS has applied the principal methodology consistently and conducted a review of the transaction 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 credit rating action.

For a more detailed discussion of the sovereign risk impact on Structured Finance credit 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://dbrs.morningstar.com/research/421590.

The sources of data and information used for these credit ratings include loan-level data and investor reports provided by U.S. Bank Trustees Limited and property-level data and other information provided by TCFL.

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

At the time of the initial credit ratings on TABS 2021-CRE1 and TABS 2021-CRE2, Morningstar DBRS was not supplied with third-party assessments. However, this did not affect the credit rating analysis.

At the time of the initial credit ratings on TABS 2022-CRE1, Morningstar DBRS was supplied with third-party assessments. However, this did not affect the credit rating analysis.

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

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

The last credit rating actions on these transactions took place on 15 March 2023, when Morningstar DBRS confirmed its credit ratings on TABS 2021-CRE1, TABS 2021-CRE2, and TABS 2022-CRE1.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com.

Sensitivity Analysis: To assess the impact of changing the transaction parameters on the credit ratings, Morningstar DBRS considered the following stress scenarios as compared with the parameters used to determine the credit ratings (the base case):

-- Morningstar DBRS 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 at the B (sf) credit rating level of the current pool of receivables are 12.0% and 7.7%, respectively, for TABS 2021-CRE1.
-- The base case PD and LGD at the B (sf) credit rating level of the current pool of receivables are 12.6% and 12.0%, respectively, for TABS 2021-CRE2.
-- The base case PD and LGD at the B (sf) credit rating level of the current pool of receivables are 14.3% and 10.5%, respectively, for TABS 2022-CRE1.
-- The risk sensitivity overview below illustrates the credit ratings expected if the PD and LGD increase by a certain percentage over the base case assumption.

TABS 2021-CRE1:
Class A Notes Risk Sensitivity:
-- 25% increase in LGD, expected credit rating of AAA (sf)
-- 50% increase in LGD, expected credit rating of AAA (sf)
-- 25% increase in PD, expected credit rating of AAA (sf)
-- 50% increase in PD, expected credit rating of AAA (sf)
-- 25% increase in PD and 25% increase in LGD, expected credit rating of AAA (sf)
-- 25% increase in PD and 50% increase in LGD, expected credit rating of AAA (sf)
-- 50% increase in PD and 25% increase in LGD, expected credit rating of AAA (sf)
-- 50% increase in PD and 50% increase in LGD, expected credit rating of AAA (sf)

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

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

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

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

TABS 2021-CRE2:
Class A Loan Note Risk Sensitivity:
-- 25% increase in LGD, expected credit rating of AAA (sf)
-- 50% increase in LGD, expected credit rating of AAA (sf)
-- 25% increase in PD, expected credit rating of AAA (sf)
-- 50% increase in PD, expected credit rating of AAA (sf)
-- 25% increase in PD and 25% increase in LGD, expected credit rating of AAA (sf)
-- 25% increase in PD and 50% increase in LGD, expected credit rating of AAA (sf)
-- 50% increase in PD and 25% increase in LGD, expected credit rating of AAA (sf)
-- 50% increase in PD and 50% increase in LGD, expected credit rating of AA (high) (sf)

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

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

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

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

TABS 2022-CRE1:
Loan Note Risk Sensitivity:
-- 25% increase in LGD, expected credit rating of AA (low) (sf)
-- 50% increase in LGD, expected credit rating of A (high) (sf)
-- 25% increase in PD, expected credit rating of AA (low) (sf)
-- 50% increase in PD, expected credit rating of A (high) (sf)
-- 25% increase in PD and 25% increase in LGD, expected credit rating of A (high) (sf)
-- 25% increase in PD and 50% increase in LGD, expected credit rating of A (low) (sf)
-- 50% increase in PD and 25% increase in LGD, expected credit rating of A (low) (sf)
-- 50% increase in PD and 50% increase in LGD, expected credit rating of BBB (high) (sf)

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

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

Class D Risk Sensitivity:
-- 25% increase in LGD, expected credit rating of B (high) (sf)
-- 50% increase in LGD, expected credit rating of B (high) (sf)
-- 25% increase in PD, expected credit rating of B (sf)
-- 50% increase in PD, expected credit rating of B (low) (sf)
-- 25% increase in PD and 25% increase in LGD, expected credit rating of B (low) (sf)
-- 25% increase in PD and 50% increase in LGD, expected credit rating of B (low) (sf)
-- 50% increase in PD and 25% increase in LGD, expected credit rating below B (low) (sf)
-- 50% increase in PD and 50% increase in LGD, expected credit rating below B (low) (sf)

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

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

Lead Analyst: Natalia Coman, Assistant Vice President
Rating Committee Chair: Ketan Thaker, Managing Director
Initial Rating Dates:
TABS 2021-CRE1: 19 February 2021
TABS 2021-CRE2: 2 June 2021
TABS 2022-CRE1: 31 May 2022

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The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- Master European Structured Finance Surveillance Methodology (7 March 2024),
https://dbrs.morningstar.com/research/429051
-- European RMBS Insight Methodology (27 March 2023) and European RMBS Insight Model version 6.0.2.0, https://dbrs.morningstar.com/research/411634
-- European RMBS Insight: UK Addendum (11 August 2023),
https:/dbrs.morningstar.com/research/419141
-- Interest Rate Stresses for European Structured Finance Transactions (15 September 2023), https://dbrs.morningstar.com/research/420602
-- Legal Criteria for European Structured Finance Transactions (30 June 2023),
https://dbrs.morningstar.com/research/416730
-- Operational Risk Assessment for European Structured Finance Servicers (15 September 2023), https://dbrs.morningstar.com/research/420572
-- Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (23 January 2024), https://dbrs.morningstar.com/research/427030

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

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.