Press Release

DBRS Morningstar Discontinues Ratings of the Series 1 Class A1 and Series 2 Class A1 Notes Issued by 2017 Popolare Bari SME S.r.l.

Structured Credit
October 23, 2019

DBRS Ratings GmbH (DBRS Morningstar) discontinued its ratings of the Series 1 Class A1 and Series 2 Class A1 Notes (the Notes) Issued by 2017 Popolare Bari SME S.r.l.

The discontinuation reflects the payment in full of the Notes on 30 September 2019. The remaining balances of the Series 1 Class A1 and Series 2 Class A1 Notes prior to the full redemption were EUR 26,523,700.00 and EUR 1,609,720.00, respectively.

The ratings of the Series 1 Class A1 and Series 2 Class A1 Notes prior to the full redemption was AAA (sf).

DBRS Morningstar continues to rate the transaction’s Series 2 Class A2 and Series 2 Class M Notes at AAA (sf) and AA (low) (sf), respectively. Please refer to for more information.

All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings is: “Master European Structured Finance Surveillance Methodology”.

In DBRS Morningstar’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 at:

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 “Global Methodology for Rating Sovereign Governments” at:

The sources of data and information used for these ratings include the latest payment and investor reports provided by Securitisation Services S.p.A.

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

At the time of the initial rating, DBRS Morningstar was supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS Morningstar considers the data and information available to it for the purposes of providing these ratings to be of satisfactory quality.

DBRS Morningstar 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 28 February 2019, when DBRS Morningstar confirmed its ratings of the Series 1 Class A1 and Series 2 Class A1 Notes at AAA (sf), and upgraded its ratings of the Series 2 Class A2 and Series 2 Class M Notes to AAA (sf) and AA (low) (sf), respectively, from AA (high) (sf) and A (low) (sf), respectively.

The lead analyst responsibilities for this transaction have been transferred to Daniele Canestrari.

Information regarding DBRS Morningstar ratings, including definitions, policies and methodologies, is available at

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

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see:

Ratings assigned by DBRS Ratings GmbH are subject to EU and US regulations only.

Lead Analyst: Daniele Canestrari, Financial Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Date: 28 February 2018

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main – Deutschland

Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

The rating methodologies used in the analysis of this transaction can be found at:

-- Rating CLOs Backed by Loans to European SMEs
-- Master European Structured Finance Surveillance Methodology
-- Legal Criteria for European Structured Finance Transactions
-- Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda
-- Interest Rate Stresses for European Structured Finance Transactions
-- Rating CLOs and CDOs of Large Corporate Credit
-- Cash Flow Assumptions for Corporate Credit Securitizations
-- Operational Risk Assessment for European Structured Finance Servicers

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at:

For more information on this credit or on this industry, visit or contact us at