DBRS Assigns Final Ratings to Dolphin Master Issuer, Series 2010-1

DBRS, Inc. (DBRS) has today assigned final ratings to the seventh series (Series 2010-1) of notes issued by Dolphin Master Issuer B.V. (Dolphin). Classes A1, A2, B1, B2, C1, C2, D1, D2, E1 and E2 from Series 0-2009-1 are redeemed by Dolphin using the proceeds of Series 2010-1. Class A1, A2, A3 and A4 are rated AAA and Class B, C and D notes are rated AA, “A” and BBB, respectively.

Dolphin is a EUR100 billion, fully revolving continuous-issuance programme backed by standard prime Dutch mortgages originated by subsidiaries of FBN. FBN is largely owned by the Dutch government 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, Series 0-2008-1, Series 0-2009-2 notes issued by Dolphin upon the issuance of the Series 2010-1 notes. The ratings of Classes A1, A2, B1, B2, C1, C2, D1 and D2 from Series 0-2009-1 have been discontinued.

Note:
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.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.