DBRS Confirms E-CARAT S.A., acting for and on behalf of its Compartment 8

DBRS, Inc. (DBRS) has today reviewed two ratings from one asset-backed securities transaction and confirmed its ratings of AAA (sf) and AA (sf) assigned to the Class A Notes and Class B Notes, respectively, issued by E-CARAT S.A., acting for and on behalf of its Compartment 8. Both classes reviewed were confirmed as performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- The credit quality of the collateral pool and historical performance.

The confirmation of the outstanding ratings of E-CARAT S.A., acting for and on behalf of its Compartment 8 reflects 11.59% and 6.97%, respectively, of current credit enhancement provided by subordination. As of the August 2016 payment date, the total 30+ day delinquency ratio was 0.25%. The cumulative net loss ratio was 0.02% of the original collateral balance.

Notes:
All figures are in euros unless otherwise noted.

The principal methodologies applicable are Legal Criteria for European Structured Finance Transactions, Derivative Criteria for European Structured Finance Transactions, Rating European Consumer and Commercial Asset-Backed Securitisations, Operational Risk Assessment for European Structured Finance Servicers and Unified Interest Rate Model for European Securitisations, which can be found on www.dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.