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New Issue: Retiro Mortgage Securities DAC

S&P Global Ratings has assigned its 'BBB- (sf)' credit rating to Retiro Mortgage Securities DAC's class A1 notes. At closing, the issuer also issued class A2, B, C, D1, D2, D3, and E notes that S&P Global Ratings has not rated. Retiro Mortgage Securities is a Spanish nonperforming (NPL) and real-estate-owned properties (REO) transaction that securitizes a portfolio of loans totaling approximately €678 million in current balance (with a valuation amount of approximately €344 million), and a portfolio of REO with a total valuation of approximately €396 million. The collateral comprises residential properties (including annexes), commercial properties (including 0.8% classified as other), and land (80.7%, 10.6%, and 8.7%, respectively). Oaktree Capital Management, through this structure (see "Transaction Structure"), acquired the