DBRS Rates Orange Lion VII RMBS B.V.

DBRS Ratings Limited (DBRS) has today assigned ratings to certain notes issued by Orange Lion VII RMBS N.V. The notes are backed by fixed and floating rate, first lien, fully amortising Dutch mortgages. The originator of the transaction is ING Bank N.V. Servicing of the mortgages will be managed by ING Bank N.V. The following ratings were assigned by DBRS:

-- € 2,500,000,000 Class A1 rated AAA (sf)
-- € 2,500,000,000 Class A2 rated AAA (sf)
-- € 3,100,000,000 Class A3 rated AAA (sf)
-- € 3,221,700,000 Class A4 rated AAA (sf)

The Class B note, which is junior to the above classes of notes, is not rated by DBRS.

The ratings are based upon DBRS review of the following analytical considerations:
• Transaction capital structure and form as well as sufficiency of available credit enhancement.
• Relevant credit enhancement is in the form of subordination, and potentially from excess spread.
• The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to their investment terms.
• The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.
• The credit quality of the collateral and ability of the Servicer to manage collections activities on the collateral.
• The legal structure and presence of legal opinions addressing the assignment of the assets to the issuer and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions.

Note:
All figures are in Euro 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

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

The sources of information used for this rating may include working papers and data on the Dutch economy and housing market provided by: International Monetary Fund, World Bank, OECD, ECB, Eurostat, and De Nederlansche Bank. DBRS conducted an operational review on the origination and servicing practices of ING Bank N.V. ING Bank N.V. provided loan-level data and historical performance of the mortgage portfolio dating back to 2003. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This is a newly created financial instrument.

This is the first DBRS rating on this financial instrument.

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

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

Lead Analyst: Konstantine Pastras
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 12 June 2012