DBRS Discontinues Ratings on Rated Notes of Orange Lion VII

DBRS Ratings Limited (DBRS) discontinued the ratings on the Class A2, Class A3 and Class A4 notes (together the Class A notes) issued by Orange Lion VII RMBS B.V.

The rating discontinuations reflect the payment in full of the remaining Class A notes on 21 August 2017 (also the First Optional Redemption Date). The remaining balances and ratings of the Class A notes prior to the full redemption were as follows:

-- EUR 1,496,825,000.00 Class A2, previously rated AAA (sf)
-- EUR 3,100,000,000.00 Class A3, previously rated AAA (sf)
-- EUR 3,221,700,000.00 Class A4, previously rated AAA (sf)

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings 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 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 data and information used for these rating actions include the investor reports provided by ING Bank N.V.

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 actions on this transaction took place on 19 May 2017, when DBRS confirmed the ratings on the Class A notes following publication of DBRS’s “European RMBS Insight: Dutch Addendum” on 24 April 2017. The Addendum followed the publication of the “European RMBS Insight Methodology” on 17 May 2016.

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

As these are discontinued-repaid rating actions, 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 and US regulations only.

Lead Analyst: Kevin Ma, Assistant Vice President
Initial Rating Date: 14 June 2012

DBRS Ratings Limited
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London EC3M 3BY
United Kingdom
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
-- European RMBS Insight Methodology
-- European RMBS Insight: Dutch Addendum
-- Legal Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Unified Interest Rate Model for European Securitisations
-- Derivative Criteria for European Structured Finance Transactions

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.