DBRS Discontinues Rating on Class A1 Notes Issued by Siena PMI 2016 S.r.l.

DBRS Ratings Limited (DBRS) discontinued its rating on the Class A1 Notes issued by Siena PMI 2016 S.r.l. (the Issuer).

The discontinuation reflects the payment in full of the Class A1 Notes on 27 November 2017. As of the date of the last review on 2 November 2017, the remaining balance was EUR 3,663,079.62 and the rating on the Class A1 Notes before the payment in full was AAA (sf).

DBRS continues to rate the Class A2 Notes, Class B Notes and Class C Notes in the same transaction. Please refer to www.dbrs.com for more information.

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 “Appendix C: The Impact of Sovereign Ratings on Other DBRS Credit Ratings” of the “Rating Sovereign Governments” methodology at: http://dbrs.com/research/319564/rating-sovereign-governments.pdf

The sources of data and information used for this rating includes reports provided by Securitisation Services SpA.

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 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 2 November 2017, when DBRS confirmed its ratings of Class A1 Notes at AAA (sf), and upgraded the ratings of Class A2 Notes, Class B Notes and Class C Notes to AAA (sf), AA (high) (sf) and BB (high) (sf) from AA (high) (sf), AA (sf), and B (low) (sf) respectively.

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 and US regulations only.

Lead Surveillance Analyst: Francesco Amato, Financial Analyst
Initial Rating Date: 2 November 2016

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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
-- Rating CLOs Backed by Loans to European SMEs
-- Operational Risk Assessment for European Structured Finance Servicers

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