Pavillion Mortgages 2022-1 PLC ratings discontinued after full note repayment
Pavillion Mortgages 2022-1 PLC’s rated notes are repaid in full on the 27 April 2026 payment date, ending the need for outstanding credit coverage on the securitisation. The action affects five note classes and follows the exercise of a portfolio purchase option that closes out the transaction’s rated debt.
Highlights
- Pavillion Mortgages 2022-1 PLC's Class A to E notes had credit ratings from AAA (sf) to BBB (sf) discontinued by DBRS after full repayment.
- The notes' full repayment, totaling GBP 168.3 million (Class A), GBP 21.2 million (Class B), GBP 20.4 million (Class C), GBP 20.2 million (Class D), and GBP 5.5 million (Class E), occurred following the Portfolio Purchase Option exercised on the 27 April 2026 payment date.
- With all liabilities repaid, the transaction ends active Morningstar DBRS credit surveillance, and no further principal methodology application is required.
Repayment triggers ratings withdrawal
As reported by Morningstar DBRS, DBRS Ratings Limited discontinues its credit ratings on the Class A, Class B, Class C, Class D and Class E notes issued by Pavillion Mortgages 2022-1 PLC after the notes are fully repaid.The discontinuations reflect the full repayment of the rated notes following the exercise of the Portfolio Purchase Option on the 27 April 2026 payment date. Before repayment, the classes carried ratings ranging from AAA (sf) to BBB (sf).
The outstanding principal balances before repayment were GBP 168.3 million for Class A, GBP 21.2 million for Class B, GBP 20.4 million for Class C, GBP 20.2 million for Class D and GBP 5.5 million for Class E.
Securitisation impact and methodology
With the notes repaid, the rating withdrawal marks the end of Morningstar DBRS’ active credit assessment on this transaction. The move indicates the securitisation no longer has outstanding rated liabilities requiring ongoing surveillance.Morningstar DBRS says a Discontinued-Repaid credit rating action does not warrant the application of the entire principal methodology. It also directs investors to the latest rating action press release for analytical and regulatory disclosures related to the transaction.
Our earlier coverage of Fort Bend ISD’s $499 million unlimited tax school building bond issue highlighted the assignment of a top-tier AAA rating, supported by strong financial management, a stable tax base, and solid enrollment growth. We also noted that the Texas Permanent School Fund guarantee strengthened the bonds’ credit quality, while a stable outlook suggested the district’s credit profile was expected to remain steady as it funds long-term facility investments.
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