DBRS Confirms the Ratings on Penates Funding N.V/S.A - Compartment Penates 4

DBRS Ratings Limited (DBRS) has confirmed both the Class A and Class B notes issued by Penates Funding N.V/S.A - Compartment Penates 4 at AAA (sf) and A (sf) respectively.

The collateral supporting the transaction is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are:
• Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
• Legal Criteria for European Structured Finance Transactions
• Swap Criteria For European Structured Finance Transactions
• Operational Risk Assessment for European Structured Finance Servicers
• Unified Interest Rate Model Methodology for European Securitisations
• Master European Structured Finance Surveillance Methodology

These can be found on dbrs.com under Methodologies.

The sources of information used for this rating include investor remittance reports and performance data relating to the receivables provided by Belfius Bank S.A/N.V. DBRS considers the information available to it for the purposes of this rating action was of satisfactory quality.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

For additional information on DBRS European RMBS ratings, please refer to the linking document.

Lead Analyst: Sylvia Nya
Rating Committee Chair: Mary Jane Potthoff
Initial Rating Date: 20 December 2011
Most Recent Rating Date: 17 January 2012