pdf-articles Ratings /ratings/en/research/pdf-articles/210603-presale-bruegel-2021-dac-11979981 content esgSubNav

Presale: Bruegel 2021 DAC

S&P Global Ratings has assigned preliminary credit ratings to Bruegel 2021 DAC's class A to D notes. At closing, Bruegel 2021 will also issue unrated class X1 and X2 certificates (the class X certificates). The transaction will be a securitization of one loan originated by Goldman Sachs Bank Europe SE (Goldman Sachs) to facilitate the refinancing of the PPF loan, which partially secured the Kantoor Finance 2018 DAC transaction. The existing PPF loan already prepaid at the May 2021 interest payment date. The current balance on the loan is €220.15 million. It is secured by seven office buildings, one mixed-use property (office and hotel), and one retail property in the Netherlands. A portfolio of nine assets previously provided the collateral