KBRA UK (KBRA) expects to withdraw its ratings on Berg Finance 2021 DAC following the repayment of the notes, after an RIS notification published on 12 June 2026 indicated that the underlying Sirocco loan was repaid in full on the same date. The notes are expected to be repaid on the note payment date of 22 July 2026.

KBRA initially placed the ratings of all outstanding classes of Berg Finance 2021 DAC on Watch Developing on 17 April 2026 as a result of the transfer of the underlying Sirocco Loan to special servicing following the borrower’s failure to repay the outstanding loan balance at its scheduled final maturity on 15 April 2026, constituting a non-payment Event of Default.

Recent Publications

• KBRA Places All Ratings of Berg Finance 2021 DAC on Watch Developing
• BERG Finance 2021 DAC Pre-Sale Report

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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