DBRS Rates Dolphin Master Issuer, Series 0-2009-1

DBRS, Inc. (DBRS) has today rated the fifth series (Series 0-2009-1) of notes issued by Dolphin Master Issuer B.V. (Dolphin). The ratings of AAA, AA, “A” and BBB have been assigned to the Class A (A1, A2 and A3), Class B (B1, B2 and B3), Class C (C1, C2 and C3) and Class D (D1, D2 and D3) notes, respectively. The “0” Series indicates that these notes are issued to Fortis Bank Nederland (Holding) N.V. (FBN Holding) and/or its subsidiaries.

Dolphin is a EUR100 billion, fully revolving continuous-issuance programme backed by standard prime Dutch mortgages originated by subsidiaries of FBN Holding. FBN Holding was acquired by the Dutch government on October 3, 2008, and engages in business activities separate and independent from its previous parent, Fortis Bank SA/NV.

DBRS has also today confirmed the ratings of the Series 0-2007-1, Series 0-2007-2, Series 0-2007-3 and Series 0-2008-1 notes issued by Dolphin (all Series “0” issuances) upon the issuance of the Series 0-2009-1 notes.

Notes:
All figures are in euros unless otherwise noted.

The applicable methodologies are U.K. Residential Mortgage Credit Criteria and U.K. Residential Mortgage Loan Analysis Criteria: Credit, Prepayment and Loan Aggregation, which can be found on our website under Methodologies, with adjustments made for the Dutch mortgages.

This is a Structured Finance rating.