Canterbury Finance 4 notes ratings discontinued after full repayment
Credit ratings on four classes of notes issued by Canterbury Finance 4 PLC are discontinued after the securities are fully repaid on the 18 May 2026 payment date. The action covers Class C through Class F notes and removes outstanding ratings that had ranged from AA (high) (sf) to BB (low) (sf).
Highlights
- DBRS Ratings Limited discontinued credit ratings on Canterbury Finance 4 PLC's Class C, D, E, and F notes following full repayment completed on 18 May 2026.
- Prior to full repayment, Class C notes had GBP 41,767,270.18 outstanding at AA (high) (sf), Class D GBP 46,953,000.00 at AA (sf), Class E GBP 42,684,000.00 at BBB (high) (sf), and Class F GBP 46,953,000.00 at BB (low) (sf).
- The discontinuation signals that the transaction's rated notes are fully repaid and no longer subject to formal credit coverage within the securitisation.
Repayment triggers ratings withdrawal
As reported by Morningstar DBRS, DBRS Ratings Limited discontinued its credit ratings on the Class C, Class D, Class E and Class F notes issued by Canterbury Finance 4 PLC after the notes were repaid in full. The agency says the discontinuation reflects the full repayment completed on 18 May 2026.Before repayment, the Class C notes carried a AA (high) (sf) rating with an outstanding principal balance of GBP 41,767,270.18. The Class D notes were rated AA (sf) with GBP 46,953,000.00 outstanding, while the Class E notes were rated BBB (high) (sf) with GBP 42,684,000.00 and the Class F notes were rated BB (low) (sf) with GBP 46,953,000.00 outstanding.
Structured finance impact
Morningstar DBRS says a Discontinued-Repaid credit rating action does not warrant the application of its entire principal methodology. The move indicates the transaction's rated notes are no longer outstanding, ending formal credit coverage on those classes within the securitisation.Our earlier report on Sunbelt Rentals’ senior unsecured note issuance explained how the company added $1.2 billion of debt while keeping ratings in line with its investment-grade profile. We outlined the key factors supporting the rating—scale and diversification—alongside the main risks, including economic cyclicality and sustained capex needs.
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