DBRS Ratings Limited (DBRS) discontinued its ratings on the Class A1, Class B1, Class C1, Class D1 and Class E1 Notes issued by Moorgate Funding 2014-1 Plc (the Issuer).
The discontinuations reflect the payment in full of the notes on 17 June 2019. The ratings and remaining balances of the notes were as follows:
-- Class A1 Notes rated AAA (sf) with a balance of GBP 158,453,902.91
-- Class B1 Notes rated AA (high) (sf) with a balance of GBP 56,100,000.00
-- Class C1 Notes rated A (sf) with a balance of GBP 44,880,000.00
-- Class D1 Notes rated BBB (sf) with a balance of GBP 18,360,000.00
-- Class E1 Notes rated B (sf) with a balance of GBP 27,029,000.00
All figures are in British pound sterling unless otherwise noted.
The principal methodology applicable to the ratings is the “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 include monthly investor reports provided by Citibank, N.A.
DBRS did not rely upon third-party due diligence in order to conduct its analyses.
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 16 November 2018, when DBRS confirmed the rating on the Class A1 Notes at AAA (sf) and Class E1 Notes at B (sf) and upgraded the rating on the Class B1 Notes to AA (high) (sf) from AA (sf), Class C1 Notes to A (sf) from A (low) (sf) and Class D1 Notes to BBB (sf) from BBB (low) (sf).
Information regarding DBRS ratings, including definitions, policies and methodologies is available at 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:
Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.
Lead Analyst: Clare Wootton, Senior Financial Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Date: 24 April 2014
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.
-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Operational Risk Assessment for European Structured Finance Servicers
-- Interest Rate Stresses for European Structured Finance Transactions
-- European RMBS Insight Methodology
-- European RMBS Insight: UK Addendum
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.