KBRA UK expects to withdraw its ratings on Berg Finance 2021 DAC following the full repayment of the underlying notes tied to the transaction.
A regulatory information service notification published on 12 June 2026 confirmed that the underlying Sirocco loan was repaid in full on that same date.
The notes themselves are expected to be repaid on the scheduled note payment date of 22 July 2026, bringing the transaction to a close.
KBRA had previously placed all outstanding classes of Berg Finance 2021 DAC on Watch Developing on 17 April 2026, signalling uncertainty around the transaction’s outcome.
That watch status was triggered by the transfer of the underlying Sirocco Loan to special servicing, a process typically initiated when a borrower encounters significant repayment difficulties.
The borrower’s failure to repay the outstanding loan balance at its scheduled final maturity on 15 April 2026 constituted a non-payment Event of Default under the transaction’s terms.
The repayment in full of the Sirocco loan has since resolved that default situation, clearing the path for the notes to be repaid and for KBRA to withdraw its ratings accordingly.
Berg Finance 2021 DAC is a structured finance vehicle, and the resolution of this transaction reflects the kind of workout process that special servicing mechanisms are specifically designed to facilitate.
KBRA is one of the major credit rating agencies and is registered in the United States, the European Union, and the United Kingdom.
The agency is also recognised as a Qualified Rating Agency in Taiwan and holds the status of a Designated Rating Organization for structured finance ratings in Canada.
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