DBRS Discontinues Ratings of European Residential Loan Securitisation 2017-NPL1

DBRS Ratings Limited (DBRS) discontinued its ratings on the Class A, Class B and Class C notes (collectively, the Notes) issued by European Residential Loan Securitisation 2017-NPL1.

The discontinuations reflect the full redemption of the Notes as at the payment date on 24 July 2019. The outstanding balance of the Notes prior to the full redemption was EUR 46,121,914.88 for Class A, EUR 16,805,000.00 for Class B and EUR 14,705,000.00 for Class C. The Notes were rated A (sf), BBB (sf) and BB (high) (sf), respectively.

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/333487/rating-sovereign-governments.pdf.

The source of information and data used for this rating action is the most recent investor report provided by U.S. Bank Global Corporate Trust Limited.

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 26 April 2019, when DBRS confirmed its ratings on the Class A notes at A (sf), Class B notes at BBB (sf) and Class C notes at BB (high) (sf).

The lead analyst responsibilities for this transaction have been transferred to Alessio Pignataro.

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: Alessio Pignataro, Senior Vice President
Rating Committee Chair: Erin Stafford, Managing Director
Initial Rating Date: 6 April 2017

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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
-- Rating European Non-Performing Loan Securitisations
-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- European CMBS Rating and Surveillance Methodology
-- Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
-- Legal Criteria for European Structured Finance Transactions
-- Interest Rate Stresses for European Structured Finance Transactions
-- Derivative Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Operational Risk Assessment for European Structured Finance Originators

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.