DBRS Discontinues Rating on TS Lago One GmbH

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class A notes issued by TS Lago One GmbH (the Issuer).

The rating action reflects the payment in full of the Class A notes as of the payment date on 26 October 2015. The remaining balance of the Class A notes before its payment in full was €2,826,143,170.92 and the rating was AAA (sf) UR-Neg.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Master European Structured Finance Surveillance Methodology”. The rating action derives directly from an acknowledgement of fact, and DBRS conducted no analysis. 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

The sources of information used for this rating include investor reports provided by Commerzbank AG. 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 impact 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 May 2015, when DBRS placed the Class A Notes Under Review with Negative Implications.

Information regarding DBRS ratings, including definitions, policies and methodologies is available at 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: Alastair Bigley
Initial Rating Date: 22 February 2013
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Andrew Lynch

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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