Press Release

DBRS Morningstar Discontinues Ratings on Golden Bar (Securitisation) S.r.l. - Series 2016-1

Consumer Loans & Credit Cards
June 27, 2022

DBRS Ratings GmbH (DBRS Morningstar) discontinued its ratings on the Class A, Class B, Class C, and Class D Notes (together, the Rated Notes) issued by Golden Bar (Securitisation) S.r.l. - Series 2016-1 (the Issuer).

The discontinuations reflect the full repayment of the Rated Notes on the 27 June 2022 payment date. Prior to their repayment, the ratings and the outstanding principal balance of the Rated Notes were as follows:
-- Class A Notes at A (high) (sf); EUR 266,635,004.80
-- Class B Notes at A (sf); EUR 27,500,000
-- Class C Notes at A (low) (sf); EUR 38,500,000
-- Class D Notes at BBB (high) (sf); EUR 55,000,000

The transaction is a securitisation of salary assignment, pension assignment, and delegation of payment receivables originated in Italy by Santander Consumer Bank S.p.A (SCB).

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

For significant ESG factors applicable to prior rating actions, please refer to

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at:

All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings is the “Master European Structured Finance Surveillance Methodology” (19 May 2022).

Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at:

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.

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 Morningstar Credit Ratings” of the “Global Methodology for Rating Sovereign Governments” at:

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report:

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

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

At the time of the initial ratings, 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 25 June 2021, when DBRS Morningstar upgraded its ratings on the Class A, Class B, Class C, and Class D Notes to A (high) (sf), A (sf), A (low) (sf), and BBB (high) (sf), respectively, from A (low) (sf), BBB (high) (sf), BBB (sf), and BB (sf), respectively.

The lead analyst responsibilities for this transaction have been transferred to Preben Cornelius Overas.

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

As this is a discontinued-repaid rating action, 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: DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage:

These ratings are endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Preben Cornelius Overas, Senior Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Date: 2 August 2016

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

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

-- Master European Structured Finance Surveillance Methodology (19 May 2022),
-- Rating European Consumer and Commercial Asset-Backed Securitisations (29 October 2021),
-- Rating European Structured Finance Transactions Methodology (19 May 2022),
-- Legal Criteria for European Structured Finance Transactions (29 July 2021),
-- Operational Risk Assessment for European Structured Finance Servicers (16 September 2021),
-- DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (17 May 2022),

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 [email protected].