Press Release

DBRS Discontinues Ratings on Belgian Lion NV / SA (Belgian Lion SME II)

Structured Credit
March 08, 2019

DBRS Ratings GmbH (DBRS) discontinued its ratings on the Class A1 notes and Class A2 notes (the Notes) issued by Belgian Lion NV / SA (Belgian Lion SME II).

The discontinuations reflect the payment in full of the Notes. The Class A1 notes were paid in full on 12 November 2018, while the Class A2 notes were paid in full on 10 December 2018, following the unwinding of the transaction. The remaining balance of the Class A1 and Class A2 notes prior to their full redemptions were EUR 96,270,796.00 and EUR 2,305,984,018.00, respectively, and both were rated at AAA (sf).

All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings is: “Rating CLOs Backed by Loans to European SMEs”.

In DBRS’s opinion, a discontinued rating action does not warrant the application of the entire principal methodology, as bonds 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 the unwinding notice and the payment and investor reports provided by ING Belgium NV / SA.

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 13 July 2018, when DBRS confirmed the AAA (sf) ratings on the Notes.

The lead analyst responsibilities for this transaction have been transferred to Alfonso Candelas.

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

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:

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

Lead Analyst: Alfonso Candelas, Senior Vice President
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 14 August 2012

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Deutschland
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

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

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Operational Risk Assessment for European Structured Finance Servicers
-- Rating CLOs Backed by Loans to European SMEs
-- Rating CLOs and CDOs of Large Corporate Credit
-- Interest Rate Stresses for European Structured Finance Transactions
-- Cash Flow Assumptions for Corporate Credit Securitizations
-- 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:

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

This press release was amended on 1 May 2019 to correct a disclosure that incorrectly identified the DBRS legal entity as DBRS Ratings Limited instead of DBRS Ratings GmbH.