DBRS Publishes Updated Spanish 2005 Electricity Tariff Methodology

DBRS Ratings Limited (DBRS) has today published its updated methodology for the rating approach to Spanish 2005 electricity tariff securitisations. This methodology concentrates on the securitisation of the 2005 electricity tariff receivables recognised under Spanish Law arising from specific Spanish tariff deficit surges in 2005. 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 updated methodology, DBRS refreshes the data for Spanish electricity tariff deficits 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 no rating actions on any outstanding ratings are expected as a consequence of publishing the current update.

The methodology is effective as of today’s date.

DBRS does not deem the methodology update to be material and does not expect any rating actions as a result of this update.

Notes:
The methodology providing DBRS’s processes and criteria is available by contacting us at info@dbrs.com.

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