DBRS Discontinues Ratings on Bavarian Sky S.A., Compartment 3

DBRS Ratings Limited (DBRS) has today discontinued its ratings of the Class A and Class B notes issued by Bavarian Sky S.A., Compartment 3 following the exercise of the Clean-Up Call Option and consequently the redemption in full of the Class A and Class B notes on 15 May 2015. The Class A and Class B notes, previously rated AAA (sf) and AA (sf), respectively, 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 investor reports provided by BNP Paribas Securities Services SA, Luxembourg Branch. 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; 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 6 August 2013, when DBRS confirmed the ratings on the Class A notes at AAA (sf) and to the Class B 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: Michael Babick
Initial Rating Date: 18 June 2012
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Elisa Scalco
Rating Committee Chair: Chuck Weilamann

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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.