DBRS Morningstar Discontinues Ratings on NewDay Funding 2015-2 plc

DBRS Ratings Limited (DBRS Morningstar) discontinued its ratings of the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, and Class F Notes (collectively, the Rated Notes) issued by NewDay Funding 2015-2 plc (the Issuer).

The discontinuations reflect the full repayment of the Rated Notes on the scheduled redemption date on 15 November 2019. Prior to their repayment, the ratings and the outstanding principal balances of the Rated Notes were as follows:

--Class A Notes rated AAA (sf) with an outstanding principal balance of GBP 146,700,000.00
--Class B Notes rated AA (high) (sf) with an outstanding principal balance of GBP 21,300,000.00
--Class C Notes rated A (high) (sf) with an outstanding principal balance of GBP 31,500,000.00
--Class D Notes rated BBB (high) (sf) with an outstanding principal balance of GBP 44,100,000.00
--Class E Notes rated BB (high) (sf) with an outstanding principal balance of GBP 22,800,000.00
--Class F Notes rated B (high) (sf) with an outstanding principal balance of GBP 15,600,000.00

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 Morningstar’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bonds have 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 “Global Methodology for Rating Sovereign Governments” at: https://www.dbrs.com/research/350410/global-methodology-for-rating-sovereign-governments.

The sources of data and information used for these ratings include investor reports provided by NewDay Cards Ltd.

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 11 June 2019, when DBRS Morningstar confirmed the ratings of the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, and Class F Notes, at AAA (sf), AA (high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf), respectively.

The lead analyst responsibilities for this transaction have been transferred to Clare Wootton.

Information regarding DBRS Morningstar 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 Morningstar 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, Assistant Vice President
Rating Committee Chair: Christian Aufsatz, Managing Director
Initial Rating Date: 12 November 2015

DBRS Ratings Limited
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London EC3M 3BY United Kingdom
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.

-- Rating European Consumer and Commercial Asset-Backed Securitisations
-- Legal Criteria for European Structured Finance Transactions
-- Operational Risk Assessment for European Structured Finance Servicers
-- Operational Risk Assessment for European Structured Finance Originators
-- Interest Rate Stresses for European Structured Finance Transactions
-- Derivative Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology

A description of how DBRS Morningstar 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 [email protected].