DBRS Discontinues Ratings on Goldfish Master Issuer B.V.

DBRS Ratings Limited (DBRS) discontinued its ratings on the Class A, Class B and Class C notes (the Notes) issued by Goldfish Master Issuer B.V. (the Issuer).

The discontinuations reflect the payment in full of the Notes on the 28 November 2018 payment date. The remaining balances and ratings of the Notes before the payment in full were as follows:

-- EUR 1,000,000,000.00 Series 2013-2, Class A4 rated AAA (sf)
-- EUR 1,000,000,000.00 Series 2013-2, Class A5 rated AAA (sf)
-- EUR 500,000,000.00 Series 2013-2, Class A6 rated AAA (sf)
-- EUR 2,183,000,000.00 Series 2013-2, Class A7 rated AAA (sf)
-- EUR 157,050,000.00 Series 2010-1, Class B rated AA (low) (sf)
-- EUR 134,000,000.00 Series 2013-2, Class B rated AA (low) (sf)
-- EUR 371,000,000.00 Series 2010-1, Class C rated BBB (low) (sf)
-- EUR 290,000,000.00 Series 2013-2, Class C rated BBB (low) (sf)

Notes:
All figures are in euros 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 these ratings include investor reports provided by ABN AMRO Hypotheken Groep B.V. (the Company Administrator and Servicer).

DBRS did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial ratings, 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 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 20 July 2018, when DBRS confirmed the Class A notes at AAA (sf), confirmed the Class B notes at AA (low) (sf) and confirmed the Class C notes at BBB (low) (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: Matt Albin, Senior Financial Analyst
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 28 June 2010

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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
-- European RMBS Insight Methodology
-- European RMBS Insight: Dutch Addendum
-- Operational Risk Assessment for European Structured Finance Originators
-- Operational Risk Assessment for European Structured Finance Servicers
-- Interest Rate Stresses for European Structured Finance Transactions
-- 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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.