Morningstar DBRS Publishes Final Methodologies on Dual-Recourse Securities Appendix and Surveillance Appendix

Morningstar DBRS finalized its following methodologies (the Methodologies) for which dual-recourse instrument credit ratings are assigned and/or monitored.

-- Appendix 3: Dual-Recourse Securities (Dual-Recourse Securities Appendix) in "Rating European Structured Finance Transactions Methodology"
-- Appendix XXXVIII--Dual-Recourse Securities (Dual-Recourse Securities Surveillance Appendix) in "Morningstar DBRS Master U.S. ABS Surveillance"

The updates expand the use of the Methodologies for the assignment and surveillance of credit ratings in the United States. Previously, Morningstar DBRS rated and surveilled dual-recourse credit ratings only in Europe. Morningstar DBRS deems the update to the Dual-Recourse Securities Appendix not to be material, while the update to the Dual-Recourse Securities Surveillance Appendix is material. No credit rating actions were taken as a result of these changes.

The "Rating European Structured Finance Transactions Methodology" supersedes the prior version published on November 19, 2024, and the "Morningstar DBRS Master U.S. ABS Surveillance" methodology supersedes the prior version published on April 10, 2025. Both Methodologies are effective as of June 17, 2025.

No comments were received during the Request for Comment Period.

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

Notes:
Morningstar DBRS methodologies are publicly available on its website https://dbrs.morningstar.com under Methodologies & Criteria.

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