DBRS Discontinues Rating on Westfield Stratford City Finance PLCCMBS
DBRS Ratings Limited (DBRS) discontinued its rating of the Commercial Mortgage-Backed Floating-Rate Notes Due November 2024, Class A issued by Westfield Stratford City Finance PLC as it was to be repaid in full, as of the August 2019 remittance. This concludes DBRS’s surveillance of this transaction.
All figures are in British pound sterling unless otherwise noted.
The principal methodology applicable to the rating 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 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: https://www.dbrs.com/research/333487/rating-sovereign-governments.
The sources of data and information used for this rating include Link Asset Services Limited and Westfield Stratford City Finance PLC.
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 12 October 2018 when DBRS confirmed all classes with stable trends.
The lead analyst responsibilities for this transaction have been transferred to Dinesh Thapar.
Information regarding DBRS ratings, including definitions, policies and methodologies, is available on 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: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.
Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.
Lead Analyst: Dinesh Thapar, Assistant Vice President
Rating Committee Chair: Jerry van Koolbergen, Managing Director
Initial Rating Date: 28 July 2014
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The rating methodologies used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.
-- European CMBS Rating and Surveillance Methodology
-- Legal Criteria 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: 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.
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.