DBRS Extends its Review on the Notes Issued by B-Arena NV/SA - Compartment 3

DBRS Ratings Limited (“DBRS”) has today extended the Under Review with Developing Implications on the Class A1 and Class A2 Notes issued by B-Arena NV/SA – Compartment 3 (the “Issuer”). The current ratings of the Class A1 and Class A2 Notes is AAA (sf).

The Notes were previously placed Under Review with Developing Implications on 25 April 2014 based upon an updated analysis of the transaction given the exposure to the swap counterparty, The Royal Bank of Scotland plc (“RBS”, rated A (low)/R-1 (low)), following the breach of the Second Trigger Required Ratings, as defined in the swap documentation.

Because of the potential for modifications to the swap documentation, DBRS has extended its review of B-Arena NV/SA – Compartment 3 and will analyse the Notes upon notification of the resolution of the remedial actions and/or modifications taken by the Issuer.
Notes:
All figures are in Euro unless otherwise noted.
The principal methodology applicable is the Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda. 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 investor reports provided by Intertrust Administrative Services B.V. and data provided by RBS. 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 25 April 2014, when DBRS confirmed the ratings of AAA (sf) to the Class A1 and Class A2 Notes and also placed the Notes Under Review with Developing Implications.

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

This rating is under review. Generally, the conditions that lead to the assignment of reviews are resolved within a 90 day period. DBRS reviews and ratings are under regular surveillance.

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: Konstantine Pastras
Initial Rating Date: 25 January 2012
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Elisa Scalco
Rating Committee Chair: Mary Jane Potthoff

DBRS Ratings Limited
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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
Derivative Criteria for European Structured Finance Transactions
Master European Structured Finance Surveillance Methodology
Operational Risk Assessment for European Structured Finance Servicers
Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
Unified Interest Rate Model for European Securitisations