DBRS Discontinues Rating on Class A Notes Issued by Bavarian Sky France, Compartment French Auto Leases 1

DBRS Ratings Limited (DBRS) discontinued its rating on the Class A Notes issued by Bavarian Sky France, Compartment French Auto Leases 1.

The discontinuation reflects the payment in full of the Class A Notes as at the payment date on 20 September 2017. The remaining balance of the Class A Notes before the payment in full was EUR 2,000,427, and the Class A Notes were rated AAA (sf) by DBRS.

DBRS continues to rate the Class B Notes in the same transaction, at AA (high) (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the rating is: “Master European Structured Finance Surveillance Methodology”.

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

The sources of data and information used for this rating include monthly investor reports provided by France Titrisation (the management company) and BMW Finance.

DBRS did 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 on 24 May 2017, when DBRS confirmed its rating of the Class A Notes at AAA (sf) and upgraded its rating of the Class B Notes to AA (high).

Information regarding DBRS ratings, including definitions, policies and methodologies, is available on www.dbrs.com

As this is a discontinued-repaid rating action, a 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 and US regulations only.

Lead Analyst: Joana Seara da Costa, Senior Financial Analyst
Initial Rating Date: 30 April 2015

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

-- Master European Structured Finance Surveillance Methodology
-- Legal 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
-- Derivative Criteria for European Structured Finance Transactions

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