DBRS Discontinues the Rating on the Class A1 Notes issued by Quadrivio SME 2014 S.r.l.

DBRS Ratings Limited (“DBRS”) has today discontinued the public rating on the Class A1 Notes issued by Quadrivio SME 2014 S.r.l. (the “Issuer”).

The rating action reflects the payment in full of the Class A1 Notes as of the last payment date 22 October 2014.

The remaining balance of the Class A1 Notes before the payment in full was €1,296,057.08 and the rating was AAA (sf). At closing, the rating was the same and the initial balance was €80,000,000.00.
DBRS rates Class A2A and Class A2B Notes in the same transaction. Please refer to www.dbrs.com for more information.

The principal methodology applicable is “Rating CLOs Backed by Loans to European Small and Medium Sized Enterprises (SMEs)”, which can be found on the DBRS website under Methodologies at http://www.dbrs.com/about/methodologies. Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

The sources of information used for this rating include the parties involved in the rating, including but not limited to the Originator, the Issuer and their agents.

DBRS considers the information made available to it for the purposes of providing this rating to have been of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

As this is a discontinued-repaid rating action, sensitivity analysis is not applicable.

This is the first rating action since the Initial Rating Date.

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Notes:
All figures are in Euros unless otherwise noted.

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

Initial Lead Analyst: Marcello Bonassoli
Initial Rating Date: 14 February 2014
Initial Rating Committee Chair: Simon Ross

Last Rating Date: Not applicable as no last rating date
Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Not applicable as discontinued-repaid rating action

DBRS Ratings Limited
1 Minster Court, 10th Floor
Mincing Lane
London, EC3R 7AA
United Kingdom

Registered in England and Wales: No. 7139960

The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies

“Legal Criteria for European Structured Finance Transactions”
“Rating CLOs Backed by Loans to European Small and Medium-Sized Enterprises (SMEs)”
“Rating Methodology for CLOs and CDOs of Large Corporate Credit”
“Cash Flow Assumptions for Corporate Credit Securitizations”
“Operational Risk Assessment for European Structured Finance Servicers”
“Unified Interest Rate Model for U.S. and European Structured Credit”
“Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda”