S&P Global Ratings has assigned preliminary credit ratings to Taurus 2021-3 DEU DAC's class A, B, C, D, E, and F notes. Our preliminary ratings on the notes reflect our evaluation of the underlying real estate collateral. The transaction is backed by two cross-collateralized loans, which are secured by the Squaire, a multifunctional building comprised primarily of office space, two hotels, and the Squaire parking. The total market value is €832.6 million as of September 2020. The current loan-to-value (LTV) ratio is 65.8%. The five-year loans are interest-only and include cash trap and default covenants. The loan proceeds will be used to refinance the borrowers' existing indebtedness. Furthermore, payments due under the loan facility agreement primarily fund the issuer's interest