DBRS Ratings Limited (DBRS) discontinued its ratings on the Class A, B, C, D, E and F Notes (together, the Notes) issued by European Residential Loan Securitisation 2017-PL1 DAC (the issuer).
The discontinuations reflect the full repayment of the Notes on 25 March 2019. Prior to their repayments, the outstanding principal balances of the Class A, B, C, D, E and F Notes were EUR 245,518,826.11, EUR 85,268,000.00, EUR 33,439,000.00, EUR 50,158,000.00, EUR 51,830,000.00 and EUR 33,439,000.00, respectively. Their ratings were AAA (sf), AA (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf) and B (high) (sf), respectively.
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/333487/rating-sovereign-governments.pdf.
The sources of data and information used for these ratings includes reports and other information provided by U.S. Bank Global Corporate Trust Services.
DBRS did not rely upon third-party due diligence in order to conduct its analysis.
At the time of the initial ratings, DBRS was 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 28 March 2018, when DBRS confirmed its ratings on the Class A notes at AAA (sf), the Class B notes at AA (sf) and upgraded its ratings on the Class C notes to A (high) (sf) from A (sf), the Class D notes to BBB (high) (sf) from BBB (sf), the Class E notes to BB (high) (sf) from BB (sf) and the Class F notes to B (high) (sf) from B (sf).
Information regarding DBRS ratings, including definitions, policies and methodologies is available at www.dbrs.com.
As this is a discontinued-repaid rating action, 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 Limited are subject to EU and US regulations only.
Lead Analyst: Andrew Lynch, Assistant Vice President
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 8 March 2017
DBRS Ratings Limited
20 Fenchurch Street
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 Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
-- Master European Structured Finance Surveillance Methodology
-- Legal Criteria for European Structured Finance Transactions
-- Interest Rate Stresses for European Structured Finance Transactions
-- Derivative Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
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.