London Cards No.1 PLC ratings discontinued after note repayment
London Cards No.1 PLC's rated notes have been fully repaid, bringing the securitisation's outstanding debt to an end. The repayment on 15 June 2026 leads Morningstar DBRS to discontinue its credit ratings across six note classes.
Highlights
- DBRS Ratings Limited discontinued all ratings on London Cards No.1 PLC notes following full repayment on 15 June 2026.
- Outstanding principal balances before repayment included GBP 150 million for Class A and GBP 18.75 million each for Class B to E, with GBP 12.5 million for Class F.
- The rating withdrawal represents an administrative action after full investor repayment, with no impact on securitisation market credit quality.
Repayment triggers rating withdrawal
As reported by Morningstar DBRS, DBRS Ratings Limited has discontinued its credit ratings on the Class A Loan Note and the Class B, Class C, Class D, Class E and Class F Notes issued by London Cards No.1 PLC.The rating action reflects the full repayment of the notes on 15 June 2026. Morningstar DBRS says a Discontinued-Repaid action does not warrant application of the entire principal methodology.
Before repayment, the outstanding principal balances were GBP 150 million for the Class A Loan Note, GBP 18.75 million each for the Class B through Class E notes, and GBP 12.5 million for the Class F notes. The ratings before discontinuation were AAA (sf) for Class A, AA (sf) for Class B, A (low) (sf) for Class C, BBB (sf) for Class D, BB (high) (sf) for Class E and B (low) (sf) for Class F.
Securitisation market effect remains limited
The action marks the administrative end of credit coverage for this transaction rather than a deterioration in credit quality, as the notes have already been repaid in full. In structured finance markets, such discontinuations typically follow the wind-down of liabilities once investors have been paid back.Morningstar DBRS directs investors seeking additional analytical and regulatory information to the latest rating action press release published for the transaction. The move leaves no active ratings outstanding on the repaid London Cards No.1 PLC notes.
In our earlier article, we covered Morningstar DBRS’s annual reviews of the Hermitage 2023, 2024 and 2025 securitisations backed by Haydock Finance equipment hire purchase and finance lease receivables. The review largely confirmed existing note ratings while upgrading the Hermitage 2023 Class D Notes to AAA (sf), citing stable arrears, updated risk assumptions and available credit enhancement across the transactions.
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