Press Release

DBRS Morningstar Discontinues Rating on Class A1 Notes Issued by Siena PMI 2016 S.r.l. – Series 2-2019

Structured Credit
March 17, 2020

DBRS Ratings GmbH (DBRS Morningstar) discontinued its rating of the Class A1 Notes issued by Siena PMI 2016 S.r.l. – Series 2-2019.

The discontinuation reflects the full payment of the Class A1 Notes on 20 February 2020. Prior to the repayment, the Class A1 Notes were rated at AAA (sf) and had an outstanding principal balance of EUR 187,325,256.42.

DBRS Morningstar continues to rate the Class A2, Class B, Class C, and Class D Notes in the same transaction. Please refer to for more information.

For additional disclosure related to the impact of the Coronavirus Disease (COVID-19) on DBRS Morningstar rating methodologies, please see the following link:

All figures are in euros unless otherwise noted.

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

In DBRS Morningstar’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 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 Morningstar Credit Ratings” of the “Rating Sovereign Governments” methodology at:

The sources of data and information used for this rating include an investor report provided by Securitisation Services S.p.A.

DBRS Morningstar did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial rating, DBRS was supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS Morningstar considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS Morningstar 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 25 June 2019, when DBRS Morningstar assigned AAA (sf) ratings to the Class A1 and A2 Notes, a AA (low) (sf) rating to the Class B Notes, a BB (high) (sf) rating to the Class C Notes, and a CC (sf) rating to the Class D Notes.

The lead analyst responsibilities for this transaction have been transferred to Shalva Beshia.

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

As this is a discontinued-repaid rating action, sensitivity analysis is not applicable.

For further information on DBRS Morningstar 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: Shalva Beshia, Assistant Vice President
Rating Committee Chair: Carlos Silva, Senior Vice President
Initial Rating Date: 25 June 2019

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Germany

Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

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

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

A description of how DBRS Morningstar 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