Rating Report

Asset-Backed European Securitisation Transaction Fourteen S.r.l.: Rating Report

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Summary

DBRS Ratings GmbH (DBRS Morningstar) took the following ration actions on the notes (together, the Rated Notes) issued by Asset-Backed European Securitisation Transaction Fourteen S.r.l. (the Issuer):

-- Class A Asset-Backed Fixed-Rate Notes (Class A Notes) upgraded to AA (high) (sf) from AA (sf)
-- Class B Asset-Backed Fixed-Rate Notes (Class B Notes) upgraded to AA (low) (sf) from A (sf)
-- Class C Asset-Backed Fixed-Rate Notes (Class C Notes) upgraded to A (sf) from BBB (high) (sf)
-- Class D Asset-Backed Fixed-Rate Notes (Class D Notes) upgraded to BBB (low) (sf) from BB (high) (sf)
-- Class E Asset-Backed Fixed-Rate Notes (Class E Notes) confirmed at BB (low) (sf)

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