DBRS Confirms the Rating on the Class A Notes Issued by Mercurius Funding N.V. / S.A (Mercurius-1)

DBRS Ratings Limited (“DBRS”) has today confirmed the A (low) (sf) rating on the EUR 2,507,377,920 Class A Notes issued by Mercurius Funding N.V. / S.A (Compartment Mercurius-1) (“the Issuer”).

The transaction is a cash flow securitisation collateralised by a portfolio of loans granted to self-employed, small and medium sized enterprises (“SMEs”) and corporate borrowers based in Belgium. The loans were originated by Dexia Bank Belgium N.V. - S.A. (the “Originator” or “Belfius”). The rating on the Class A Notes addresses the timely payment of interest and the ultimate payment of principal on or before the Maturity Date, in April 2035.

The principal methodology is the Master European Granular Corporate Securitisations (SME CLOs), which can be found on our website under Methodologies.

Belfius acts as the Originator and Servicer of the portfolio, and, as such, collects all payments from the borrowers before transferring the proceeds to the issuer account, which is also held by Belfius in its role as Account Bank.

The sources of information used for these ratings include the parties involved in the rating, including but not limited to the Originator, the Issuer and its agents.

Further information on DBRS’ analysis of this transaction is available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

For additional information on DBRS European SME CLO(s), please see European Disclosure Requirements, located at http://dbrs.com/research/235269.

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

The lead responsibilities for this transaction have been transferred to Alfonso Candelas.

Initial Lead Analyst: Carlos Silva
Initial Rating Date: 7 May 2012
Rating Committee Chair: Jerry van Koolbergen

Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Simon Ross

Note:
All figures are in Euros unless otherwise noted.