DBRS Discontinues Rating on the Class A Notes issued by Mesena CLO 2011-1 B.V.

DBRS Ratings Limited (“DBRS”) has today discontinued the rating of AA (sf) on the remaining EUR 59,194,218.23 Class A Notes issued by Mesena CLO 2011-1 B.V. (the “Issuer”).

The rating action reflects the payment in full of the Class A Notes as of 18 July 2013, following an early liquidation of the fund and early redemption of the Notes.

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology is “Rating Methodology for CLOs and CDOs of Large Corporate Credit”. Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

This can be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include Mesena CLO 2011-1 B.V., Banco Santander, S.A. and Deutsche Bank, AG.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances.

DBRS considers the information made available to it for the purposes of providing this rating to have been of satisfactory quality.

As this is a discontinued-repaid rating action, sensitivity analysis is not applicable.

The previous rating action on this transaction took place on 8 March 2013, when the rating on the Notes was downgraded from AAA (sf) to AA (sf).

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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

Initial Lead Analyst: Simon Ross
Initial Rating Date: 27 September 2011
Initial Rating Committee Chair: Jerry Van Koolbergen

Most Recent Rating Update: 8 March 2013

Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Jerry Van Koolbergen

DBRS Ratings Limited
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London, EC3R 7AA
United Kingdom

Registered in England and Wales: No. 7139960

The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies

“Legal Criteria for European Structured Finance Transactions”
“Master European Structured Finance Surveillance Methodology”
“Rating Methodology for CLOs and CDOs of Large Corporate Credit”
“Unified Interest Rate Model for US and European Structured Credit”
“Derivative Criteria for European Structured Finance Transactions”