DBRS Discontinues Ratings of Deco 2012-MHILL Limited

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Commercial Mortgage Backed Floating-Rate Notes Due 2025 issued by Deco 2012 – MHILL Ltd., as the notes have been fully repaid as per the 28 July 2016 remittance report.

This concludes DBRS’s surveillance of this transaction.

Notes:
All figures are in British pounds sterling unless otherwise noted.

The principal methodology applicable is: European CMBS Surveillance.

The applicable methodologies are: European CMBS Surveillance, European CMBS Rating Methodology, Legal Criteria for European Structured Finance Transactions, Derivative Criteria for European Structured Finance Transactions and Unified Interest Rate Model for European Securitisations, which can be found on www.dbrs.com under Methodologies.

Other methodologies referenced in this transaction are listed at the end of this press release.

DBRS has applied the principal methodology consistently and conducted a review of the transaction in accordance with the principal methodology.

A review of the transaction legal documents was not conducted as the documents have remained unchanged since the most recent rating action.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to the DBRS commentary “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 Deutsche Bank AG, Situs Asset Management Limited. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

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 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 10 June 2016 when DBRS confirmed all classes’ ratings.

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

For further information on DBRS historical default rates published by the European Securities and Markets Authority (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.

This credit rating has been issued inside of the European Union (EU) and is endorsed by DBRS Ratings Limited. It may be used for regulatory purposed by financial institutions in the EU.

Initial Lead Analyst: Scott Goedken, Senior Vice President
Initial Rating Date: 1 February 2012
Initial Rating Committee Chair: Mary Jane Potthoff, Managing Director

Lead Surveillance Analyst: Rick Shi, Senior Financial Analyst

DBRS Ratings Limited
20 Fenchurch Street, 31st Floor, London EC3M 3BY
United Kingdom

The rating methodologies used in the analysis of this transaction can be found at http://www.dbrs.com/about/methodologies:
-- European CMBS Rating Methodology
-- European CMBS Surveillance
-- Legal Criteria for European Structured Finance Transactions
-- Unified Interest Rate Model for European Securitisations

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.