DBRS Discontinues the Ratings on the B-ARENA NV/SA, COMPARTMENT N°3 Class A1 Notes

DBRS Ratings Limited (DBRS) has today discontinued the ratings on the Class A1 Floating Rate Notes (the Notes) issued by B-ARENA NV/SA, COMPARTMENT N°3 because of repayment of the Notes on 22 October 2014. The Notes, previously rated AAA (sf), are now Discontinued – Repaid.

Notes:
All figures are in euros 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 these ratings include quarterly investor report provided by Intertrust Administrative Services B.V. 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 7 October 2014, when DBRS confirmed the ratings of both the Class A1 Floating Rate Notes and Class A2 Floating Rate Notes at AAA (sf) and removed the Under Review with Developing Implications status.

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 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: Diana Turner

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