DBRS Discontinues Ratings on Neptune Unsecured Warehouse 2 Limited

DBRS Ratings Limited (DBRS) has today discontinued its ratings on Facility A and Facility B issued by Neptune Unsecured Warehouse 2 Limited.

The discontinuation reflects the payment in full of Facility A and Facility B on 15 December 2016.

The balances and the ratings of Facility A and Facility B prior their full redemptions were as follows:

-- GBP 55,609,338.81 Facility A rated AA (sf)
-- GBP 8,360,487.38 Facility B rated A (sf)

Notes:
All figures are in British pounds sterling 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.

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” on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/

The source of information used for this rating action is the monthly investor report provided by Citibank N.A., London Branch.

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 to be 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 7 December 2015 when DBRS finalised the provisional AA (sf) and A (sf) ratings assigned to Facility A and Facility B, respectively.

The lead responsibilities for this transaction have been transferred to Kevin Ma.

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 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.

Lead Analyst: Kevin Ma, Assistant Vice President
Initial Rating Date: 27 November 2015

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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
-- Operational Risk Assessment for European Structured Finance Servicers
-- Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
-- Unified Interest Rate Model for European Securitisations

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