DBRS Discontinues Rating on Montepio Covered Bonds Programme - Series 1

DBRS, Inc. (DBRS) has discontinued its ratings on the Covered Bonds, Series 1 issued by Montepio Covered Bond Programme due to repayment of the bonds. The Series 1 bonds previously rated ‘A’ (low) are now rated Disc- Repaid. Additionally, DBRS removed the Series 1 bonds from Under Review with Negative Implications (see “DBRS, Inc. Puts 55 Classes from 6 European Covered Bond Transactions Under Review with Negative Implications”, published on May 25, 2012).

Notes:
The applicable methodology is the Master European Structured Finance Surveillance Methodology, which can be found on our website under Methodologies.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Keith Gorman
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 30 November 2011