DBRS Discontinues Ratings of the Notes Issued by NewDay Funding 2015-1 plc

DBRS Ratings Limited (DBRS) discontinued its ratings of the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes (the Rated Notes) issued by NewDay Funding 2015-1 plc.

The Rated Notes reached their scheduled redemption date on 16 July 2018 and the discontinuations reflect the repayment in full of the Rated Notes at the payment date on 16 July 2018. The remaining balances of the Rated Notes before the repayment in full were as follows:

Class A Notes GBP 147,300,000, previously rated AAA (sf).
Class B Notes GBP 21,600,000, previously rated AA (high) (sf).
Class C Notes GBP 31,800,000, previously rated A (high) (sf).
Class D Notes GBP 44,100,000, previously rated BBB (high) (sf).
Class E Notes GBP 22,800,000, previously rated BB (high) (sf).
Class F Notes GBP 15,300,000, previously rated B (high) (sf).

Notes:
All figures are in British pound sterling unless otherwise noted.

The principal methodology applicable to the ratings 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 investor report in relation to the July 2018 interest payment date provided by NewDay Cards Ltd.

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 15 June 2018, when DBRS confirmed the ratings on the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes at AAA (sf), at AA (high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), B (high) (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, 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
-- Operational Risk Assessment for European Structured Finance Originators

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.