DBRS Discontinues the Ratings on Sociedade de Titularização de Créditos, S.A. Douro Mortgages No. 4

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class A Mortgage-Backed Floating Rate Securitisation Notes (the Class A Notes) issued by Sociedade de Titularização de Créditos, S.A. Douro Mortgages No. 4 due to repayment of the Class A Notes on 23 March 2015. The Class A Notes, previously rated AA (sf) by DBRS, are now Discontinued-Repaid.

Notes:
The principal methodology applicable is the Master European Structured Finance Surveillance Methodology.

This can be found on www.dbrs.com at http://www.dbrs.com/about/methodologies.

The sources of information used for these ratings include a payment report provided by Citibank N.A., London branch. DBRS considers the information available to it for the purposes of providing this rating was 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.

The last rating action on this transaction took place on 25 February 2015, when DBRS confirmed the ratings of the Class A Notes at AA (sf).

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

For further information on DBRS 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.

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

Initial Lead Analyst: Keith Gorman
Initial Rating Date: 8 December 2010
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Elisa Scalco
Rating Committee Chair: Quincy Tang

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