DBRS Discontinues Ratings of Thrones 2014-1 Plc

DBRS Ratings Limited (DBRS) discontinued its ratings of the Class A, Class B, Class C, Class D, Class E and Class F notes (the Notes) issued by Thrones 2014-1 Plc.

The discontinuation reflects the repayment in full of the Notes on 15 August 2019. The ratings and remaining balances of the Notes prior to their payment in full were as follows:

-- Class A Notes rated AAA (sf) with a balance of GBP 78,166,060.05
-- Class B Notes rated AA (high) (sf) with a balance of GBP 32,230,000.00
-- Class C Notes rated A (sf) with a balance of GBP 29,160,000.00
-- Class D Notes rated BBB (sf) with a balance of GBP 23,020,000.00
-- Class E Notes rated BB (sf) with a balance of GBP 16,880,000.00
-- Class F Notes rated B (sf) with a balance of GBP 4,600,000.00

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 investor reports provided by U.S. Bank Global Corporate Trust Services.

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 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 7 December 2018, when DBRS confirmed its ratings of the Class A, Class B, Class C, Class D, Class E and Class F notes at AAA (sf), AA (high) (sf), A (sf), BBB (sf), BB (sf) and B (sf), respectively.

Information regarding DBRS ratings, including definitions, policies and methodologies is available at www.dbrs.com.
As this is a discontinued-repaid rating action, 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: Clare Wootton, Senior Financial Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Date: 23 July 2014

DBRS Ratings Limited
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Registered and incorporated under the laws of England and Wales: Company No. 7139960

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
-- European RMBS Insight Methodology
-- European RMBS Insight: U.K. Addendum
-- Interest Rate Stresses 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.