DBRS Discontinues the Rating on Tagus-Sociedade de Titularizacao de Creditos, S.A. (Aqua Finance No. 3)

DBRS Ratings Limited (DBRS) has discontinued the rating on the Class A Notes issued by Tagus-Sociedade de Titularizacao de Creditos, S.A. (Aqua Finance No. 3) due to repayment of the notes on 24 March 2014. The Class A Notes were previously rated ‘AA’ (sf) and are now Discontinued - Repaid.

Notes:
All figures are in Euro unless otherwise noted.

The principal methodology applicable is the Master European Structured Finance Surveillance Methodology.

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

The sources of information used for this rating include reports provided by Deutsche Bank AG/London.

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

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 last rating action on this transaction took place on 12 March 2014, when DBRS confirmed the Rating of the Class A Notes at ‘AA’ (sf).

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

For further information on DBRS 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.

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

Initial Lead Analyst: Alessio Pignataro
Initial Rating Date: 23 March 2011
Initial Rating Committee Chair: Claire Mezzanotte

Last Rating Date: 12 March 2014

Lead Surveillance Analyst: Dylan Cissou
Rating Committee Chair: Diana Turner

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