DBRS Discontinues Ratings on Magni Finance Designated Activity Company

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Commercial Mortgage-Backed Floating-Rate Notes Due January 2023 issued by Magni Finance Designated Activity Company, as the notes have been redeemed in full in accordance with a Written Resolution shared with Noteholders on the 16 May 2016 redemption date.

The Senior Notes and Junior Notes have been redeemed in full at their aggregate principal outstanding balance of GBP 176.6 million (as per the Investor Report as of April 2016) together with interest and other amounts accrued and unpaid.

This concludes DBRS’s surveillance of this transaction.

Notes:
All figures are in GBP unless otherwise noted.

The principal methodology applicable is: European CMBS Surveillance.
This may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies

The other applicable methodologies are: European CMBS Surveillance, European CMBS Rating
Methodology, Legal Criteria for European Structured Finance Transactions, Derivative Criteria for European Structured Finance Transactions and Unified Interest Rate Model for European Securitisations, which can be found on www.dbrs.com under Methodologies.
Other methodologies referenced in this transaction are listed at the end of this press release.

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 commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/

The sources of information used for this rating include the servicer CBRE Loan Services Ltd and the Trustee U.S. Bank Global Trust Services (a trading name of Elavon Financial Services Limited).

DBRS does not rely upon third-party due diligence in order to conduct its 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.

This is the first rating action since the Initial Rating Date.

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: Elizabeth Lovett, Assistant Vice President, Global CMBS, Global Structured Finance
Initial Rating Date: 30 December 2015
Initial Rating Committee Chair: Mary Jane Potthoff, Managing Director, Global CMBS, Global Structured Finance

DBRS Ratings Limited
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Registered in England and Wales: No. 7139960

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

-- European CMBS Surveillance
-- European CMBS Rating Methodology
-- Legal Criteria for European Structured Finance Transactions
-- Derivative Criteria for European Structured Finance Transactions
-- Unified Interest Rate Model for European Securitisations

A description of how DBRS analysis structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375