DBRS Discontinues Rating on the Class A - 2013 Notes Issued by BPL Mortgages S.r.l., Series VI

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class A - 2013 Notes (the Notes) issued by BPL Mortgages S.r.l., Series VI (the Issuer).

The rating action reflects the payment in full of the Notes as of 19 February 2016.

The remaining balance of the Notes before the payment in full was €740,471,397.00 and the rating was A (sf), Under Review with Negative Implications.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is ‘Rating CLOs Backed by Loans to European Small and Medium-Sized Enterprises (SMEs)’.

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

The rating action derives directly from an acknowledgement of fact, and DBRS conducted no analysis.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to DBRS’s ‘The Effect of Sovereign Risk on Securitisations in the Euro Area’ commentary on http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include information provided by Banco Popolare Societa Cooperativa.

DBRS does not rely upon third-party due diligence in order to conduct its analysis. DBRS was not supplied with third-party assessments; however, this did not impact the rating analysis.

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 26 June 2015, when DBRS confirmed the rating of the Class A notes at A (sf) and maintained Under Review with Negative Implications.

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

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

For further information on DBRS historic default rates published by the European Securities and Markets Administration 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: Mudasar Chaudhry
Initial Rating Date: 12 March 2013
Initial Rating Committee Chair: Jerry van Koolbergen

Lead Surveillance Analyst: Alfonso Candelas

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A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at http://www.dbrs.com/research/278375.