DBRS Ratings Limited Puts 28 Classes from 20 Italian ABS Transactions Under Review with Negative Implications

DBRS Ratings Limited (DBRS) has today placed 28 ratings from 20 Italian asset-backed securities (ABS) Under Review with Negative Implications. The rating actions reflect the 6 March 2013 downgrade of the Republic of Italy’s long-term foreign and local currency debt to ‘A’ (low) from ‘A’. Both ratings remain with a Negative trend.

DBRS will undertake a review to determine the impact of any potential sovereign downgrades on the transactions and will promptly publish updated rating actions that may either result in a confirmation or a downgrade. DBRS employs a case-by-case approach that is jurisdiction-specific and asset-class specific with the risks and protections of each transaction identified and considered. The lower the sovereign rating, the greater relevance and potential impact it has on securitisation ratings due to less favorable macroeconomic conditions, stress factors related to the transaction parties and increased likelihood for unknown events to occur.

Notes:
All figures are in euros unless otherwise noted.

The principal methodologies applicable are:
• European Consumer and Commercial Asset-Backed Securitisations
• Legal Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European ABS and SME CLO Servicers
• Unified Interest Rate Model Methodology for European Securitisations
• Swap Criteria for European Structured Finance Transactions
• 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”.

Below is the list of Italian ABS transactions rated by DBRS Ratings Limited that have been placed Under Review with Negative Implications.

1. Adriano Lease Sec. S.r.l.
2. Asset-Backed Securitisation Transaction Four S.r.l.
3. Asset-Backed Securitisation Transaction Seven S.r.l.
4. Cars Alliance Warehouse Funding Italy 2012
5. Consumer One S.r.l.
6. Golden Bar (Securitisation) S.r.l.
7. Golden Bar (Securitisation) S.r.l. – Series 2012-1
8. Golden Bar (Securitisation) S.r.l. – Series 2012-2
9. IBL CQS S.r.l. – Private Transaction – Series 2012-1
10. IBL CQS S.r.l. – Public Transaction – Series 2012-2
11. ICCREA SME CART S.r.l.
12. LEO CONSUMO 1 S.r.l.
13. Locat SV S.r.l. – Series 2011
14. Quarzo Lease S.r.l.
15. Quarzo S.r.l. 2008
16. Quarzo S.r.l. 2009
17. Salina Leasing S.r.l.
18. Sienna Lease 11-1 S.r.l.
19. Sunrise S.r.l. – Series 2009
20. Sunrise S.r.l. – Series 2012

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

The lead analyst responsibilities for each transaction have been transferred to Keith Gorman (if applicable).

Lead Analyst: Keith Gorman
Rating Committee Chair: Chuck Weilamann