Press Release

DBRS Confirms Provisional Class A, B, C and D Ratings and Withdraws Provisional Class E Rating on Deco 2019 – Vivaldi S.R.L.

May 21, 2019

DBRS Ratings GmbH (DBRS) confirmed its provisional ratings of the Commercial Mortgage-Backed Floating-Rate Notes due August 2031 (collectively, the Notes) to be issued by Deco 2019 - Vivaldi S.R.L. (the Issuer):

-- Class A Notes confirmed at AA (low) (sf)
-- Class B Notes confirmed at A (low) (sf)
-- Class C Notes confirmed at BBB (low) (sf)
-- Class D Notes confirmed at BB (low) (sf)

All trends remain Stable.

In addition, DBRS has withdrawn its rating on the Class E Notes.

The rating actions followed the downsizing of the senior facility agreements on both the Franciacorta and Palmanova loans to EUR 167.2 million and EUR 66.7 million, respectively, or 65.0% loan to value (LTV) from their previous loan amounts of EUR 180.1 million and EUR 71.8 million, respectively, or 70.0% LTV (for more details regarding the transaction, please refer to DBRS’s “DBRS Assigns Provisional Ratings to Deco 2019 – Vivaldi S.R.L.” press release published on 30 April 2019). Because of the downsizing of the two loans, Class E has been removed and DBRS has withdrawn its ratings on Class E, while Class D has seen a reduction in its principal balance by EUR 11.3 million.

The ratings will be finalised upon receipt of execution version of the governing transaction documents. To the extent that the documents and information provided to DBRS as of this date differ from the executed version of the governing transaction documents, DBRS may assign different final ratings to the Notes.

All figures are in euros unless otherwise noted.

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

DBRS has applied the principal methodology consistently and conducted a review of the transaction in accordance with the principal methodology.

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, Blackstone LLP and their delegates.

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 ratings were disclosed to the Deutsche Bank AG, London Branch and amended following that disclosure before being assigned.

The last rating action on this transaction took place on 16 May 2019 when DBRS upgraded its provisional rating on the Class A notes, following the removal of the Valdichiana loan from the trust.

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

To assess the impact of changing the transaction parameters on the rating, DBRS considered the following stress scenarios, as compared to the parameters used to determine the rating (the Base Case):

Class A Notes Risk Sensitivity:
-- 10% decline in DBRS net cash flow (NCF), expected rating of Class A at A (high) (sf)
-- 20% decline in DBRS NCF, expected rating of Class A at A (low) (sf)

Class B Notes Risk Sensitivity:
-- 10% decline in DBRS NCF, expected rating of Class B at BBB (sf)
-- 20% decline in DBRS NCF, expected rating of Class B at BB (high) (sf)

Class C Notes Risk Sensitivity:
-- 10% decline in DBRS NCF, expected rating of Class C at BB (sf)
-- 20% decline in DBRS NCF, expected rating of Class C at B (sf)

Class D Notes Risk Sensitivity:
-- 10% decline in DBRS NCF, expected rating of Class D at B (sf)
-- 20% decline in DBRS NCF, expected rating of Class D at NR

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: Erin Stafford, Managing Director
Initial Rating Date: 30 April 2019

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:

-- European CMBS Rating and Surveillance Methodology
-- Legal Criteria for European Structured Finance Transactions
-- 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:

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