DBRS Discontinues Ratings on German Residential Funding 2013-1 Limited

DBRS Ratings Limited (DBRS) has today discontinued its ratings of Commercial Real Estate Loan Backed Floating-Rate Notes Due 2024 issued by German Residential Funding 2013-1 Limited, as the notes have been fully repaid as per the 30 August 2016 payment report.

This concludes DBRS’s surveillance of this transaction.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is European CMBS Surveillance.

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

In DBRS’s opinion, a Discontinued – Repaid rating action does not require the application of the entire principal methodology. Other methodologies referenced in this transaction are listed at the end of this press release. These 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 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 the Servicer: Capita Asset Services (Ireland) Limited and Special Servicer: Capita Asset Services (UK) Limited; and Issuer, Cash Manager and Account Bank: Deutsche Bank AG, London Branch.

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 10 June 2016 when DBRS confirmed the ratings for this transaction.

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.

This rating did not include participation by the rated entity or any related third party and is based solely on publicly available information.

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.

Initial Lead Analyst: Scott Goedken, Senior Vice President, European CMBS
Initial Rating Date: 7 June 2013
Initial Rating Committee Chair: Mary Jane Potthoff, Managing Director, Global CMBS

Lead Surveillance Analyst: Jorge López Herguido, Financial Analyst, Global CMBS

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The rating methodologies used in the analysis of this transaction can be found at http://www.dbrs.com/about/methodologies:

-- European CMBS Surveillance
-- European CMBS Rating Methodology
-- Legal Criteria for European Structured Finance Transactions
-- Derivative 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.