DBRS Confirms the Ratings on A.L.B.A. 2011-RP1 Plc

DBRS Ratings Limited (DBRS) has confirmed the Class A1 notes issued by A.L.B.A. 2011-RP1 Plc at AAA (sf).

The junior notes to Class A1 are not rated.

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

Note:
All figures are in Pound Sterling 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.

The sources of information used for this rating include investor remittance reports provided by the servicer Lapithus Servicing LLP. DBRS considers the information available to it for the purposes of this rating action was of satisfactory quality.

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

For additional information on DBRS European RMBS ratings, please refer to the linking document.

Lead Analyst: Kali Sirugudi
Rating Committee Chair: Quincy Tang
Initial Rating Date: June 17, 2011