DBRS Discontinues Class A Notes Rating of Marche M5 S.r.l.

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class A notes issued by Marche M5 S.r.l. (the Issuer).

The rating action reflects the payment in full of the Class A notes as of 27 April 2016.

The remaining balance of the Series A notes before the payment in full was EUR 28,506,486.00 and the rating was AAA (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is: “Rating CLOs Backed by Loans to European Small and Medium-Sized Enterprises (SMEs)”.

This may be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies.

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.

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 these ratings includes information provided by Securitisation Services S.p.A.

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 15 September 2015, when the rating of the Class A notes was confirmed at AAA (sf).

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 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: Mudasar Chaudhry
Initial Rating Date: 27 June 2012
Initial Rating Committee Chair: Jerry van Koolbergen

Lead Surveillance Analyst: Alfonso Candelas

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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
-- Rating CLOs Backed by Loans to European Small and Medium-Sized Enterprises (SMEs)
-- Operational Risk Assessment for European Structured Finance Servicers

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.