DBRS Discontinues Provisional Rating on Gemgarto 2011-1 Plc Notes

DBRS Ratings Limited (DBRS) discontinued its provisional rating on the Gemgarto 2011-1 Plc securities. Since the provisional rating has been outstanding for an extended period, DBRS believes that the collateral supporting the transaction may not be representative of that which was reviewed for issuance of the provisional rating. The Class A1 Variable Rate Notes previously rated AAA (sf) are now rated Disc- Withdrawn.

Note:
The principal methodologies applicable are the Master European Structured Finance Surveillance Methodology, Master European Residential Mortgage-Backed Securities Rating Methodology and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on dbrs.com under Methodologies.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Kali Sirugudi, Assistant Vice President
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: November 8 2011