DBRS Publishes Updated Spanish 2005 Electricity Tariff Methodology

DBRS Ratings Limited has today released its updated Spanish 2005 Electricity Tariff Methodology (the Methodology).

This Methodology presents the criteria on which Spanish 2005 electricity tariff deficit securitisation ratings are based.

The Methodology is effective as of September 9, 2013.

The Methodology concentrates on the securitisation of 2005 electricity tariff receivables recognised under Spanish Law. The predominant focus of the methodology is the legal and regulatory framework in addition to a discussion of the liquidity risks and the parties responsible for mitigating those risks.

In the revised methodology, DBRS updated the data and projections for Spanish electricity tariff deficits and their related funding strategy, as well as the annuities and amounts recovered in respect of the 2005 tariff deficit. No change has been made to the maximum notes rating uplift of two notches above Spain’s sovereign rating and, as a result, no rating actions will be taken on any outstanding ratings.

DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.