DBRS Discontinues Rating on ICCREA SME CART S.r.l. Class A 2011 Asset-Backed Floating Rate Notes

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class A 2011 Asset-Backed Floating Rate Notes (the Class A Notes) issued by ICCREA SME CART S.r.l.

The rating action reflects the payment in full of the Class A Notes as of the last payment date, 17 June 2016.

The remaining balance of the Class A Notes before the payment in full was EUR 41,733,636.00 and the rating was AAA (sf).

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

The sources of information used for this rating include investor reports 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 13 May 2016, when the rating of the Class A Notes was confirmed at AAA (sf).

Information regarding DBRS ratings, including definitions, policies and methodologies is 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: Lena Katsnelson, Senior Vice President
Initial Rating Date: 16 November 2011
Initial Rating Committee Chair: Claire Mezzanotte, Group Managing Director

Lead Surveillance Analyst: Joana Seara da Costa, Financial Analyst

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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
-- Derivative Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- 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