DBRS Discontinues Rating on Class B Asset-Backed Floating Rate Notes Issued by GAMMA - Sociedade de Titularização de Créditos, S.A. (ATLANTES SME No. 4)

DBRS Ratings Limited (DBRS) has today discontinued the rating on the Class B Asset-Backed Floating Rate Notes (the Class B Notes) issued by GAMMA - Sociedade de Titularização de Créditos, S.A. (the Issuer).

The rating action reflects the payment in full of the Class B Notes on 27 March 2017. The remaining balance was EUR 22,395,981.80, and the rating on the Class B Notes before the payment in full was A (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the rating is Rating CLOs Backed by Loans to European SMEs.

In DBRS’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bond has been repaid in full.

Other methodologies referenced in this transaction are listed at the end of this press release.

These 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 sources of information used for this rating include information provided by the Issuer.

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

At the time of the initial rating, DBRS was not supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place 19 October 2016, when DBRS discontinued the rating on the Class A Notes following its payment in full. Prior to that, on 1 August 2016, DBRS upgraded the Class A Notes to AA (sf) from A (low) (sf) and Class B Notes to A (sf) from BBB (low) (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 historical 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 Surveillance Analyst: Alfonso Candelas, Vice President
Initial Rating Date: 9 September 2014

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

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Rating CLOs Backed by Loans to European SMEs
-- Operational Risk Assessment for European Structured Finance Servicers

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