London Cards No.1 PLC ratings discontinued after note repayment
London Cards No.1 PLC’s outstanding notes are fully repaid, prompting the withdrawal of all related credit ratings. The action covers six classes of notes and reflects repayment completed on 15 June 2026.
Highlights
- DBRS Ratings Limited discontinued ratings on all classes of London Cards No.1 PLC notes following full repayment on 15 June 2026.
- Class A Loan Note carried a AAA (sf) rating with a GBP 150,000,000 principal outstanding prior to repayment; Classes B-F totaled GBP 87,500,000.
- The rating withdrawal reflects closure of rating coverage, with all notes fully repaid and no further application of the structured finance methodology.
Repayment triggers rating withdrawal
As reported by Morningstar DBRS, DBRS Ratings Limited discontinues 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 withdrawal reflects the full repayment of the notes on 15 June 2026. Before repayment, the Class A Loan Note carries a AAA (sf) rating with an outstanding principal balance of GBP 150,000,000, while the Class B, Class C, Class D and Class E notes each have outstanding balances of GBP 18,750,000 and the Class F notes total GBP 12,500,000.
The respective ratings before repayment are AA (sf) for the Class B notes, A (low) (sf) for the Class C notes, BBB (sf) for the Class D notes, BB (high) (sf) for the Class E notes and B (low) (sf) for the Class F notes.
Structured finance context and disclosures
The principal methodology applicable to the ratings is the Master European and Asia-Pacific Structured Finance Surveillance Methodology. Morningstar DBRS says a Discontinued-Repaid rating action does not warrant application of the entire principal methodology.The agency also directs investors to the latest rating action press release for the transaction for analytical and regulatory disclosures. The update marks the closure of rating coverage on the repaid securitised notes.
In our earlier coverage of Morningstar DBRS rating activity, we outlined the agency’s credit assessment of Castlewood Associates LLC’s 2.87% mortgage loan, which is secured by a 156-unit multifamily property in Lakewood, Ohio and carries an A rating with a Stable trend. The report highlighted key credit metrics such as the loan-to-value ratio, debt service coverage, occupancy, and the view that no material ESG factors affected the analysis—illustrating how DBRS frames performance, collateral fundamentals, and surveillance expectations across rated transactions.
Latest DBRS News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
