DBRS Discontinues the Ratings on the Series 5 Notes Issued by FADE, FTA

DBRS Ratings Limited (DBRS) has today discontinued the rating on Series 5 Notes issued by Fondo de Titulización del Déficit del Sistema Eléctrico (“FADE”), F.T.A. due to repayment of the Series 5 Notes on 17 September 2013. The Series 5 Notes were previously rated ‘A’ (low) (sf) Trend Negative and are now Disc.-Repaid.

Notes:
All figures are in Euro unless otherwise noted.

The principal methodology applicable is the “Legal Criteria for European Structured Finance Transactions”.

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

In DBRS’s opinion, a discontinued-repaid rating action does not require the application of the entire principal methodology.

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” on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include reports provided by Titulización de Activos S.G.F.T., S.A. 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 18 March 2014, when DBRS discontinued the ratings of ‘A’ (low) (sf) on the Series 1 Notes.

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: David Sanchez Rodriguez
Initial Rating Date: 19/09/2013
Initial Rating Committee Chair: Chuck Weilamann

Lead Surveillance Analyst: Elisa Scalco
Rating Committee Chair: Diana Turner

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