DBRS Discontinues Rating on MBSCAT 1, FTA

DBRS Ratings Limited (DBRS) has today discontinued its rating of the Series A Notes issued by MBSCAT 1, Fondo de Titulización de Activos (the Series A Notes), due to repayment on 20 April 2015. The Series A Notes, previously rated A (sf) by DBRS, 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 may be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies.

The sources of information used for this rating include payment reports provided by Gestión de Activos Titulizados 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 rely upon third-party due diligence in order to conduct its analysis, and DBRS was not supplied with third-party assessments. However, this did not affect the rating analysis.

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 29 August 2014, when DBRS confirmed the ratings of the Series A Notes at A (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: Keith Gorman
Initial Rating Date: 25 February 2011
Initial Rating Committee Chair: Claire Mezzanotte

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

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A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375.