DBRS Confirms Ratings on Dolphin Master Issuer B.V.

DBRS, Inc. (DBRS) has confirmed the rating of AAA (sf), AA (sf), A (sf) and BBB (sf) on the Class A, Class B, Class C and Class D Notes, respectively, issued by Dolphin Mortgage Issuer B.V. The ratings were initially issued on September 28, 2007.

The rating confirmation is based upon the following analytical considerations:

•The transaction is performing within DBRS expectations and available credit enhancement is sufficient to cover DBRS expected losses.
•The transaction parties’ financial strength and capabilities to perform their respective duties, and the quality of origination, underwriting and servicing practices.
•The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.
•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms of the transaction documents.
•Transaction triggers that may change cash flow allocations or cause the replacement of key entities within the transaction structure.

Note:
All figures are in Euros (€) unless otherwise noted.

The principal methodologies applicable are:
•Master European Residential Mortgage-Backed Securities Rating Methodology
•Legal Criteria for European Structured Finance Transactions
•Swap Criteria For European Structured Finance Transactions
•Operational Risk Assessment for European RMBS Servicers
•Unified Interest Rate Model Methodology for European Securitisations
•Master European Structured Finance Surveillance Methodology

These can be found on dbrs.com under Methodologies. The sources of information used for this rating include performance data relating to the receivables provided by ABN Amro Bank N.V. DBRS considers the information available to it for the purposes of providing this rating confirmation was of satisfactory quality.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

For additional information on this rating, please see the linking document.

Lead Analyst: Keith Gorman
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: September 28, 2007