DBRS Discontinues Rating on Estense S.M.E. S.r.l. Class A Notes

DBRS Ratings Limited (DBRS) has today discontinued the A (sf) rating on the Class A Notes (the Notes) issued by Estense S.M.E. S.r.l. (the Issuer).

The discontinuation reflects the payment in full of the Notes as of 26 July 2016. The remaining balance before the payment in full was EUR 47,467,839.84.

Banca Popolare dell’Emilia Romagna Soc. Coop. (BPER) is the sole Noteholder of the Notes. Out of the EUR 47.5 million, EUR 28.1 million has been repaid through the Issuer’s available funds. The remaining payment obligations of the Issuer regarding the outstanding amount due to BPER, as Noteholder, have been automatically satisfied and discharged by way of set-off against the correspondent amount due by BPER to the Issuer for the purchase of the outstanding portfolio.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is Rating CLOs Backed by Loans to European SMEs.

In DBRS’s opinion, a Discontinued – Repaid rating action does not require the application of the entire principal methodology.
DBRS has reviewed the Repurchase Agreement, the Termination Agreement and the BPER – Issuer request of consent received in the context of this rating action. Any other transaction legal document was not conducted.
Other methodologies referenced in this transaction are listed at the end of this press release. This may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies.

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” found at http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include information provided by Securitisation Services S.p.A.

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 to be 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 February 2016, when the rating of the Class A Notes was upgraded to A (sf) from A (low) (sf) and the Under Review with Positive Implications status of the Notes was removed.

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

As this is a Discontinued – Repaid rating action, a sensitivity analysis is not applicable.

For further information on DBRS historical default rates published by the European Securities and Markets Authority 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: 17 December 2012
Initial Rating Committee: Jerry van Koolbergen

Lead Surveillance Analyst: Alfonso Candelas, Vice President

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The rating methodologies used in the analysis of this transaction can be found at http://www.dbrs.com/about/methodologies:
-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Rating CLOs Backed by Loans to European SMEs
-- Operational Risk Assessment for European Structured Finance Servicers

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.