Press Release

DBRS Discontinues Rating of the Class F Notes Issued by FT Santander Consumo 2

Consumer Loans & Credit Cards
January 30, 2019

DBRS Ratings GmbH (DBRS) discontinued its rating of the Class F Notes issued by FT Santander Consumo 2.

The discontinuation reflects the payment in full of the Class F Notes on 18 January 2019. The remaining balance and rating of the Class F Notes prior to the full redemption were EUR 1,875,000.00 and BB (sf), respectively.

DBRS continues to rate the Class A Notes at AA (sf), the Class B Notes at A (sf), the Class C Notes at BBB (sf), the Class D Notes at BB (sf) and the Class E Notes at B (sf) in the 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 the “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/333487/rating-sovereign-governments.pdf.

The sources of data and information used for this rating include the investor report provided by Santander de Titulización S.G.F.T. S.A.

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

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 6 December 2018, when DBRS confirmed the rating of the Class A Notes at AA (sf), Class B Notes at A (sf), Class C Notes at BBB(sf), Class D Notes at BB (sf), Class E Notes at B (sf) and upgraded the rating of the Class F Notes to BB (sf) from CCC (high) (sf).
Information regarding DBRS ratings, including definitions, policies and methodologies is available at www.dbrs.com.

As this is a discontinued-repaid rating action, a sensitivity analysis is not applicable.

For further information on DBRS historic 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 GmbH are subject to EU and US regulations only.

Lead Analyst: Ilaria Maschietto, Assistant Vice President
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 1 December 2016

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Germany

Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

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

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 [email protected].

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.