DBRS Discontinues Ratings on Arianna SPV S.r.l.

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class A and Class B notes issued by Arianna SPV S.r.l.

The rating action reflects the full redemption of the Class A and Class B notes as of the payment date on 20 April 2017. Prior to its repayment, the outstanding principal of the Class A notes was EUR 55,865,464 with a rating of A (sf), Under Review with Developing Implications (UR-Dev.). Prior to its repayment, the outstanding principal of the Class B Notes was EUR 48,200,000 with a rating of BBB (sf), UR-Dev.
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 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 the 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 data and information used for these ratings include information provided by Zenith Service S.p.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 these ratings 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 20 January 2017, when DBRS placed its ratings of Italian salary-backed loan securitisations UR-Dev. following its downgrade of the Republic of Italy’s Long-Term Foreign Currency – Issuer Rating to BBB (high) from A (low) on 13 January 2017.

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, Assistant Vice President
Initial Rating Date: 23 December 2013

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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
-- 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