DBRS Discontinues the Ratings on the Notes issued by Siena SME 11-1 S.r.l.

DBRS Ratings Limited (DBRS) has today discontinued the ratings on the Class A and Class B Notes (the Notes) issued by Siena SME 11-1 S.r.l. (the Issuer).

The rating action reflects the payment in full of the Notes as of 28 November 2014.
The remaining balance and the ratings of the Notes before the payment in full were:

• EUR 527,877,604.94 Class A Notes: AAA (sf)
• EUR 394,500,000.00 Class B Notes: A (low) (sf)

The Issuer is a limited liability company incorporated under the laws of Italy. The transaction is a cash flow securitisation collateralised by a portfolio of bank loans to (1) Italian Small and Medium Sized Enterprises (SMEs) and (2) Italian corporates, all of which were originated by MPS Capital Services Banca per le Imprese S.p.A. (MPSCS).

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 these ratings include the parties involved in the ratings, 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 these ratings 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.

The previous rating action on this transaction took place on 27 February 2014, when the ratings of the Class A and Class B Notes were confirmed and removed from Under Review with Developing Implications.

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: Simon Ross
Initial Rating Date: 19 December 2011
Initial Rating Committee Chair: Jerry van Koolbergen

Last Rating Date: 27 February 2014
Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Jerry van Koolbergen

DBRS Ratings Limited
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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