DBRS Discontinues Ratings on Mars 2600 S.r.l. Series 4

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class A1 Notes and Class A2 Notes issued by Mars 2600 Series 4 (the Issuer).

The rating action reflects the payment in full of the Class A1 Notes and Class A2 Notes as of the payment date on 25 November 2016. The remaining balance of the Class A1 Notes before their payment in full was €50,691,383.93 and they were rated AA (sf) by DBRS. The remaining balance of the Class A2 Notes before their payment in full was €97,093,179.64 and they were rated AA (sf) by DBRS.

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 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 documentation provided by Chiomenti Studio Legale LLC and 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 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 25 November 2015, when DBRS confirmed the ratings on the Class A1 Notes and Class A2 Notes.

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

For further information on DBRS historic 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: Andrew Lynch, Senior Financial Analyst
Initial Rating Date: 23 March 2012

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.

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Operational Risk Assessment for European Structured Finance Servicers
-- Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
-- 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.