DBRS Discontinues Ratings of IM Tarjetas 1, FTA

DBRS Ratings Limited (DBRS) discontinued the ratings on the Class A and Class B notes (the Notes) issued by IM Tarjetas 1, FTA.

These rating actions reflect the full redemption of the Notes as at the payment date on 23 October 2017.

The remaining balances and ratings of the Notes prior to the full redemption were as follows:
-- EUR 152,272,596.00 Class A notes, previously rated A (sf)
-- EUR 160,000,000.00 Class B notes, previously rated C (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 the 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 these ratings include information provided by Intermoney Titulización S.G.F.T., S.A.
DBRS did not rely upon third-party due diligence in order to conduct its analysis.
At the time of the initial rating, DBRS was 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 these ratings 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 4 May 2017, when DBRS confirmed its rating on the Class A notes at A (sf) and confirmed its rating on the Class B notes at C (sf).

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

As these are discontinued-repaid rating actions, 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: 23 November 2012

DBRS Ratings Limited
20 Fenchurch Street, 31st Floor
London EC3M 3BY
United Kingdom
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
-- Operational Risk Assessment for European Structured Finance Servicers
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- 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.