DBRS Ratings Limited (DBRS) discontinued its ratings on the Class A and Class B Notes (the Notes) issued by Azzurro SPV s.r.l. (the Issuer).
The discontinuations reflect the payment in full of the Notes on 1 October 2018 and the termination of the Issuer, following the sale of the remaining collateral portfolio. The remaining balances and ratings of the Notes before the payment in full were as follows:
-- EUR 45,225,540.87 Class A Notes rated A (low) (sf)
-- EUR 5,112,486.31 Class B Notes rated BBB (sf)
All figures are in euros unless otherwise noted.
The principal methodology applicable to the ratings is: “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 “Appendix C: The Impact of Sovereign Ratings on Other DBRS Credit Ratings” of the “Rating Sovereign Governments” methodology at: http://dbrs.com/research/319564/rating-sovereign-governments.pdf.
The sources of data and information used for these ratings include investor reports provided by Zenith Service S.p.A. (the Calculation Agent and Servicer).
DBRS did not rely upon third-party due diligence in order to conduct its analysis.
At the time of the initial ratings, 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 7 June 2018, when DBRS confirmed the Class A Notes at A (low) (sf) and confirmed the Class B Notes at BBB (sf).
Information regarding DBRS ratings, including definitions, policies and methodologies, is available on www.dbrs.com.
As this is a discontinued-repaid rating action, 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: Joana Seara da Costa, Assistant Vice President
Rating Committee Chair: Vito Natale, Senior Vice President
Initial Rating Date: 7 June 2017
DBRS Ratings Limited
20 Fenchurch Street
Registered in England and Wales:
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
-- Legal Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Operational Risk Assessment for European Structured Finance Originators
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- Interest Rate Stresses for European Structured Finance Transactions
-- 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.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at email@example.com.