Press Release

DBRS Discontinues the Ratings on Deco 2015-Charlemagne SA

January 17, 2019

DBRS Ratings GmbH (DBRS) discontinued the ratings on all classes of notes issued by Deco 2015-Charlemagne S.A. as they were repaid in full.

As per the cash manager report dated 30 April 2018, there was a principal balance of EUR 219,905.39 remaining on the Class E notes. However, DBRS understands that such amount was the result of a previous overpayment of interests to the Class D and E noteholders, which should have been capped due to the available funds caps (AFC). As such, noteholders received all amounts due to them.

Following the repayment of Pegasus loan, which had the highest interest rate of the three loans, an AFC should have been applied to both Class D and E notes’ interest payments. Instead, there was an overpayment on the interests of Class D and E using principal receipts. This in turn led to a shortfall on the final principal payment to Class E noteholders on the 30 April 2018 interest payment date.

Deutsche Bank AG, London branch has confirmed that they have recalculated the total principal and interest amount due to Class D and E noteholders based on the envisaged AFC mechanism at issuance and compensated the Class E noteholders for a minor shortfall on the amount due.

This concludes DBRS’s surveillance of this transaction.

All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings is: “European CMBS Rating and Surveillance Methodology”.

A review of the transaction legal documents was not conducted as the legal documents have remained unchanged since the most recent rating action.

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 at:

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:

The sources of data and information used for these ratings include Deutsche Bank AG, London Branch and Situs Asset Management Limited.

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 13 March 2018, when DBRS confirmed the rating for Class A and upgraded the ratings for Class B, C, D and E.

Information regarding DBRS ratings, including definitions, policies and methodologies, is available on

For further information on DBRS historical default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see:

Ratings assigned by DBRS Ratings GmbH are subject to EU and US regulations only.

Lead Analyst: Rick Shi, Assistant Vice President
Rating Committee Chair: Christian Aufsatz, Managing Director, Head of European Structured Finance
Initial Rating Date: 24 July 2015

DBRS Ratings GmbH
60311 Frankfurt am Main Germany
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

The rating methodologies used in the analysis of this transaction can be found at:

-- European CMBS Rating and Surveillance Methodology
-- Legal Criteria for European Structured Finance Transactions
-- Derivative Criteria for European Structured Finance Transactions
-- Interest Rate Stresses 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:

For more information on this credit or on this industry, visit or contact us at