DBRS Discontinues Class A1 Notes Rating on Record Lion NV/SA-Compartment RMBS I

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class A1 notes issued by Record Lion NV/SA-Compartment RMBS I (the Issuer).

The discontinuation reflects the payment in full of the Class A1 Notes as of 25 November 2016.

The remaining balance and the rating of the notes before the payments in full were:

-- EUR 36,933,211 Class A1 notes, rated AAA (sf)

DBRS rates Class A2 notes at AAA (sf), under the same issuer.

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 these ratings include Investors and Cash Flow Reports provided by ING Belgium NV/SA.

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 8 April 2016, when the ratings on the Class A1 and Class A2 notes were confirmed at AAA (sf).

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 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: Antonio Di Marco, Senior Financial Analyst
Initial Rating Date: 17 November 2011

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

-- Master European Structured Finance Surveillance Methodology
-- Derivative Criteria for European Structured Finance Transactions
-- Legal Criteria for European Structured Finance Transactions
-- Unified Interest Rate Model for European Securitizations
-- Operational Risk Assessment for European Structured Finance Servicers
-- Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda

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