DBRS Discontinues Rating on the Series 2011-1 Class A2 Notes Issued by Oceanarium Master Issuer B.V.

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Series 2011-1 Class A2 Notes issued by Oceanarium Master Issuer B.V. (the Issuer).

The rating action reflects the payment in full of the Series 2011-1 Class A2 Notes on 28 September 2015. The remaining balance of the Series 2011-1 Class A2 Notes before the payment in full was EUR 1,000,000,000 and the rating was AAA (sf).

DBRS continues to rate the following Notes in the same transaction:
-- Series 2011-1, Class A3 Notes
-- Series 2011-1, Class A4 Notes
-- Series 2011-1, Class A5 Notes
-- Series 2011-1, Class A6 Notes
-- Series 2011-1, Class A7 Notes
-- Series 2011-1, Class A8 Notes
-- Series 2011-1, Class A9 Notes
-- Series 2011-1, Class A10 Notes
-- Series 2011-1, Class A11 Notes
-- Series 2011-1, Class A12 Notes
-- Series 2011-1, Class B Notes
-- Series 2011-1, Class C Notes
-- Series 2011-1, Class D Notes

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is:
“Master European Structured Finance Surveillance Methodology”.

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

Other methodologies referenced in this transaction are listed at the end of this press release. This may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to DBRS’s “The Effect of Sovereign Risk on Securitisations in the Euro Area” commentary on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include investor reports provided by ATC Financial Services and a notice sent by Intertrust Management B.V.

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 impact the rating analysis.

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 24 April 2015, when the ratings of the outstanding Classes of Notes were confirmed and the following ratings were Discontinued-Repaid:
-- Series 2011-1, Class A1 Notes
-- Series 2011-1, Class A13 Notes
-- Series 2011-1, Class A14 Notes

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

As this is a discontinued-repaid rating action, sensitivity analysis is not applicable.

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: Quincy Tang
Initial Rating Date: 26 October 2011
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Vito Natale

DBRS Ratings Limited
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The rating methodologies used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies

-- Legal 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

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.