DBRS Discontinues Rating on Series 2015-VFN Loan Note of NewDay Funding Loan Note Issuer Ltd
Consumer Loans & Credit CardsDBRS Ratings Limited (DBRS) discontinued the rating on the Series 2015-VFN Loan Note (the Loan Note) issued by NewDay Funding Loan Note Issuer Ltd (the Issuer).
The rating discontinuation reflects the full redemption of the Loan Note, at its principal amount outstanding together with accrued but unpaid interest, on 15 December 2017. The remaining balance and rating of the Loan Note prior to the full redemption were as follows:
-- GBP 93,352,537.20 Series 2015-VFN Loan Note, previously rated BBB (high) (sf).
Notes:
All figures are in GBP 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 “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 action include the latest investor report provided by NewDay Cards Ltd. and the “confirmation of redemption provided to rating agencies” by Intertrust Directors 1 Limited representing the Issuer.
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 took place on 16 June 2017, when DBRS confirmed its rating on the Series 2015-VFN Loan Note at BBB (high) (sf).
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: Kevin Ma, Vice President
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 15 June 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.
-- Master European Structured Finance Surveillance Methodology
-- Legal Criteria for European Structured Finance Transactions
-- Interest Rate Stresses for European Structured Finance Transactions
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- 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.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
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