Essence VIII B.V.: Rating Report

DBRS Ratings Limited (DBRS Morningstar) assigned a AAA (sf) rating to the Class A Notes issued by Essence VIII B.V. (the Issuer). DBRS Morningstar did not rate the Class B or Class C notes. The rating on the Class A Notes addresses the timely payment of interest and the ultimate payment of principal on or before the legal final maturity date. Credit enhancement is provided in the form of subordination of the relevant junior class of notes, the Reserve Account, and excess spread available through the interest paid by the mortgage loans in the portfolio. The transaction also benefits from a Liquidity Reserve Account, which provides liquidity support to the Rated Notes.