DBRS Discontinues Ratings on the Series 14 Notes Issued by Fondo de Titulización del Déficit del Sistema Eléctrico, F.T.A.

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Series 14 notes issued by Fondo de Titulización del Déficit del Sistema Eléctrico, F.T.A. (FADE or the Fund).

The rating action reflects the payment in full of the EUR 1,232 million Series 14 notes at their Final Maturity Date (17 March 2017 payment date). The ratings of the Series 14 notes before their full redemption were A (low) (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the rating is: “Legal Criteria for European Structured Finance Transactions”.

In DBRS’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bond has been repaid in full.

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” at:
http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/

The sources of information used for these ratings include reports provided by Titulización de Activos S.G.F.T., S.A.

DBRS did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial rating DBRS was not supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place on 10 February 2017 when DBRS finalised its provisional A (low) (sf) rating on the Series 29 notes. The last rating action on the Series 14 notes took place on 9 September 2016, when DBRS confirmed its ratings at A (low) (sf).

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: Alfonso Candelas, Vice President
Initial Rating Date: 19 September 2013

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

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