DBRS Discontinues Ratings on Bavarian Sky S.A., Compartment German Auto Loans 1

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Class A and Class B notes issued by Bavarian Sky S.A., Compartment German Auto Loans 1 (the Issuer).

The rating action reflects the payment in full of the Class A and Class B notes as of the payment date on 21 December 2015. The remaining balance of the Class A notes before their payment in full was €1,658,271.10 and the rating was AAA (sf). The remaining balance of the Class B notes before their payment in full was €44,000,000.00 and the rating was AAA (sf).

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

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

The sources of information used for this rating include information provided by Deutsche Bank AG, London branch and BMW Bank GmbH. 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 1 July 2015, when DBRS confirmed the Class A notes at AAA (sf) and upgraded the Class B notes to AAA (sf) from AA (sf).

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: Paolo Conti
Initial Rating Date: 17 May 2013
Initial Rating Committee Chair: Chuck Weilamann

Lead Surveillance Analyst: Vito Natale

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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