DBRS Discontinues Class A Notes and Class B Notes Ratings of IBL CQS S.r.l. – Public Transaction - Series 2012-2

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class A notes and Class B notes (together, the Notes) issued by IBL CQS S.r.l. (the Issuer).

The discontinuations reflect the payment in full of the Notes as of 28 September 2016.

The remaining balance and the ratings of the Notes before the payment in full were:

-- EUR 193,461,703.85 Class A notes, rated A (sf)
-- EUR 60,113,312.47 Class B notes, rated BBB (high) (sf)

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Master European Structured Finance Surveillance Methodology.”

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 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 these ratings include investor and payment reports 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 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 23 August 2016, when the ratings of the Notes were placed under review negative.

Information regarding DBRS ratings, including definitions, policies and methodologies are 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: Alessio Pignataro
Initial Rating Date: 17 July 2012
Initial Rating Committee: Mike Babick

Lead Surveillance Analyst: Antonio Di Marco, Senior Financial Analyst

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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
-- Operational Risk Assessment for European Structured Finance Servicers
-- Rating European Consumer and Commercial Asset-Backed 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.