DBRS Rates Dolphin Master Issuer, Series 2011-1

DBRS, Inc. (DBRS) has today assigned final ratings to the following class of Notes issued by Dolphin Master Issuer B.V. (Dolphin), Series 2011-1:

• Series A rated AAA (sf)

The proceeds of the Series 2011-1 notes are used to partially redeem Series 2010-1 Class A2 Notes.

Dolphin is a EUR100 billion, fully revolving continuous-issuance programme backed by standard prime Dutch mortgages originated by subsidiaries of ABN AMRO Bank N.V. ABN AMRO Bank N.V. is a public limited liability company incorporated under Dutch law on April 9, 2009.

DBRS has also today confirmed the ratings of the Series 2007-1, Series 0-2008-1, Series 0-2009-2, 2010-1, 2010-2 and 2010-4 notes issued by Dolphin upon the issuance of the Series 2011-1 notes.

The provisional ratings are based upon review by DBRS of the following analytical considerations:
•Transaction capital structure and form and sufficiency of available credit enhancement.
•Relevant credit enhancement is in the form of excess spread, a fully funded reserve fund and subordination.
•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to terms in which they have invested.
•The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.
•The credit quality of the collateral and ability of the Servicers to perform collection activities on the collateral.

Note:
All figures are in Euros unless otherwise noted.

The applicable methodologies are Master European Residential Mortgage-Backed Securities Rating Methodology and Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies, with adjustments made for the Dutch mortgages.

The sources of information used for this rating include data relating to the underlying mortgages provided by ABN AMRO Bank. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on DBRS European RMBS ratings, please refer to the linking document located below.

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