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      Instrument data
      Issuer
      Golden Ray S.A., Compartment 2
      Senority
      Mezzanine
      Currency
      EUR
      ISIN
      XS3231909840
      Coupon percent
      3%
      Coupon type
      Floating: Fixed Margin over Index
      Instrument volume
      7,500,000
      Maturity date
      27/12/2058
      -
      BB+ SF Outlook: None
      BB+ SF Outlook: None
      Latest change
      New
      11/12/2025
      General information
      Rating
      Public
      Solicited
      With issuer participation
      UK endorsed
      EU Rated
      Miguel Barata Lead analyst
      David Bergman Committee chair
      Scope rates German solar and heat pump notes issued by Golden Ray S.A., Compartment 2

      11/12/2025 Rating announcement EN

      Scope rates German solar and heat pump notes issued by Golden Ray S.A., Compartment 2

      The EUR 302.9m underlying portfolio of solar and heat pump system loan receivables was originated to homeowners by Enpal B.V. and Enpal Heat GmbH.

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      Scope rates German solar and heat pump notes to be issued by Golden Ray S.A., Compartment 2

      20/11/2025 Rating announcement EN

      Scope rates German solar and heat pump notes to be issued by Golden Ray S.A., Compartment 2

      The EUR 302.9m underlying portfolio of solar and heat pump system loan receivables was originated to homeowners by Enpal B.V. and Enpal Heat GmbH.

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      Date Title
      11/12/2025 Golden Ray SA Compartment 2 – new issue Rating Report
      20/11/2025 Golden Ray SA Compartment 2 – Pre-Sale Rating Report