DBRS Confirms the Ratings on Glacier Securities Limited, Series 2010-2

DBRS Ratings Limited (DBRS) has confirmed the Class A, Class B and Class C notes issued by Glacier Securities Limited-Series 2010-2 at AAA (sf), AA (sf) and ‘A’ (sf) respectively. The Class A1a notes from Eurosail-UK 2007-5NP Plc, due September 2045 (ISIN: XS0328024608) represent the underlying assets backing the Glacier Securities Limited-Series 2010-2 transaction.

The collateral supporting the transactions is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses.

Note:
All figures are in Euros unless otherwise noted.

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

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 include investor remittance reports and performance data relating to the receivables provided by Acenden Limited and Investec Capital Markets. DBRS considers the information available to it for the purposes of this rating action was of satisfactory quality.

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

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

Lead Analyst: Kali Sirugudi
Rating Committee Chair: Quincy Tang
Initial Rating Date: February 29, 2012