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      Instrument data
      Senority
      Mezzanine
      Currency
      EUR
      ISIN
      XS3231910186
      Coupon type
      Floating: Fixed Margin over Index
      Maturity date
      31/12/2058
      -
      (P)  BB- SF Outlook: None
      (P)  BB- SF Outlook: None
      Latest change
      New
      20/11/2025
      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 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.

      Date Title
      20/11/2025 Golden Ray S.A. New Issue Rating Report