DBRS Confirms Rating to KMU Portfolio S.A., Compartment 2009-1

DBRS Ratings Limited (DBRS) has reviewed the KMU Portfolio S.A., Compartment 2009-1 receivables and confirms the AAA (sf) ratings on the Class A Notes (the “Notes”). The Notes are backed by a pool of loan and lease receivables on contracts issued by akf Bank GmbH & Co. KG and akf Leasing GmbH & Co. KG. The receivables securitised consist of a pool of loan and lease receivables granted to German private and commercial customers on cars, trucks, boats, machinery and equipment.

The portfolio of receivables supporting the transaction is performing within DBRS expectations and available credit enhancement for the Notes is sufficient to cover DBRS expected losses at the current rating level.

The Bank of New York Mellon serves the role of Account Bank for the transaction while DZ Bank AG Deutsche Zentral-Genossenschaftsbank is the Swap Counterparty. Both entities comply with the respective DBRS criteria given the rating of the Notes.

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

The sources of information used for this rating include monthly investor reports provided by akf Bank GmbH & Co KG. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please see the linking document at http://dbrs.com/research/248548/linking-document-kmu-portfolio-s-a-compartment-2009-1.pdf

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

The lead responsibilities for this transaction have been transferred to Keith Gorman.

Initial Lead Analyst: David Sanchez Rodriguez
Initial Rating Date: 12 June 2012
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Rating Committee Chair: Chuck Weilamann