DBRS Discontinues Rating on Golden Bar (Securitisation) S.r.l. - Series 2012-1

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Class B Notes issued by Golden Bar (Securitisation) S.r.l. - Series 2012-1.

The rating action reflects the early redemption of the Class B Notes on 28 September 2016. The remaining balance of the Class B Notes before their payment in full was EUR 9,651,226.61 and they were rated A (high) (sf) by DBRS. Please refer to www.dbrs.com for more information.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the 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.

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

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

The sources of information used for this rating include servicer reports provided by Santander Consumer Bank SpA. 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 25 May 2016 when DBRS upgraded its rating on the Class B Notes to A (high) (sf) from BBB (high) (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 Authority (“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: Paolo Conti
Initial Rating Date: 23 July 2012
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Andrew Lynch, Senior Financial Analyst

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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.