DBRS Publishes Updated European RMBS Insight: Dutch Addendum Methodology

DBRS finalised its updated “European RMBS Insight: Dutch Addendum” methodology (the Methodology). The Methodology presents the criteria for which Dutch residential mortgage-backed securities ratings and, where relevant, Dutch covered bonds ratings are assigned and/or monitored.

The Methodology supersedes the prior version published on 5 March 2018 and is effective as of 30 April 2019. DBRS updated its house price indexation and market value decline rates (MVDs) to reflect data through the third quarter of 2018. Such periodic updates are envisaged in the “European RMBS Insight Methodology”. Moreover, DBRS has separated MVDs for the large Dutch cities of Amsterdam, Rotterdam and The Hague from their regions.

The following ratings had been placed under review with positive implications, pending a determination by DBRS of the impact of the updated methodology upon these ratings:

--Delft 2017 B.V. Class B
--Delft 2017 B.V. Class C
--Delft 2017 B.V. Class D
--Delft 2017 B.V. Class E

--Dutch Property Finance 2017-1 B.V. Class B
--Dutch Property Finance 2017-1 B.V. Class C
--Dutch Property Finance 2017-1 B.V. Class D
--Dutch Property Finance 2017-1 B.V. Class E

--Dutch Property Finance 2018-1 B.V. Class B
--Dutch Property Finance 2018-1 B.V. Class C
--Dutch Property Finance 2018-1 B.V. Class D
--Dutch Property Finance 2018-1 B.V. Class E

--Delft 2019 B.V. Class B
--Delft 2019 B.V. Class C
--Delft 2019 B.V. Class D
--Delft 2019 B.V. Class E
--Delft 2019 B.V. Class F
--Delft 2019 B.V. Class G

--Cartesian Residential Mortgages Blue S.A. Class C
--Cartesian Residential Mortgages Blue S.A. Class D
--Cartesian Residential Mortgages Blue S.A. Class E

For more details see “DBRS Places Three Dutch Transactions Under Review with Positive Implications Following Request for Comments on European RMBS Insight: Dutch Addendum Methodology”, 20 March 2019, “DBRS Assigns Provisional Ratings to Delft 2019 B.V.
RMBS”, 28 March 2019 and “DBRS Assigns Provisional Ratings to Cartesian Residential Mortgages Blue S.A., Places Classes C, D and E UR-Pos.”, 29 March 2019.

All comments received during the request for comment period have been published to the DBRS website, except in cases where confidentiality is requested by the respondent. DBRS received no comments during the request for comment period that ended on 9 April 2019.

Notes:
DBRS methodologies are publicly available on its website www.dbrs.com under Methodologies & Criteria.

For more information on this methodology, the above referenced credit(s) or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.