DBRS Discontinues Ratings on NewDay Funding 2016-1 plc

DBRS Ratings Limited (DBRS) discontinued its ratings on the Class A, Class B, Class C, Class D, Class E and Class F Notes (the Notes) issued by NewDay Funding 2016-1 plc (the Issuer).

The discontinuations reflect the full repayment of the Notes on 17 June 2019. Prior to their repayment, the outstanding principal balances and ratings of the Notes were as follows:

-- Class A Notes: outstanding principal balance of GBP 129,320,000.00 with a rating of AAA (sf)
-- Class B Notes: outstanding principal balance of GBP 18,815,000.00 with a rating of AA (high) (sf)
-- Class C Notes: outstanding principal balance of GBP 27,825,000.00 with a rating of A (high) (sf)
-- Class D Notes: outstanding principal balance of GBP 37,895,000.00 with a rating of BBB (high) (sf)
-- Class E Notes: outstanding principal balance of GBP 20,140,000.00 with a rating of BB (high) (sf)
-- Class F Notes: outstanding principal balance of GBP 13,780,000.00 with a rating of B (high) (sf)

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

The principal methodology applicable to the ratings 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 these ratings include information and monthly investor reports provided by NewDay 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 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 11 June 2019, when DBRS confirmed the rating of the Class A Notes at AAA (sf), the Class B Notes at AA (high) (sf), the Class C Notes at A (high) (sf), the Class D Notes at BBB (high) (sf), the Class D Notes at BB (high) (sf) and the Class F Notes at B (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 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: Jeffrey Cespon, Senior Financial Analyst
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 8 September 2016

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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
-- Operational Risk Assessment for European Structured Finance Originators
-- 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 info@dbrs.com.