DBRS Discontinues Ratings on Two Classes of INDUS (ECLIPSE 2007-1) plc

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class B and Class X Notes of the Commercial Mortgage Backed Floating Rate Notes Due January 2020 issued by INDUS (ECLIPSE 2007-1) plc. The Class B Notes were fully repaid as per the 12 September 2016 Deal Summary Report. Further, DBRS has withdrawn the rating of the transaction’s Class X Notes as it does expect that no further interest payments will be due on these notes in future.

DBRS does not perform continued surveillance on classes whose ratings have been discontinued.

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

The principal methodology applicable is European CMBS Surveillance

In DBRS’s opinion, a discontinued-repaid rating action does not require the application of the entire principal methodology.

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

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 commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/

The sources of information used for this rating include Capita Asset Services (London).

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 22 July 2016, when DBRS confirmed the ratings of 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.

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.

Lead Analyst: Jorge Lopez Herguido, Financial Analyst, European CMBS
Initial Rating Date: 15 March 2007

DBRS Ratings Limited
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Registered in England and Wales: No. 7139960

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