DBRS Discontinues Rating on Gemgarto 2012-1 Plc

DBRS Ratings Limited (DBRS) has today discontinued the rating on the Class A1 Variable Rate Notes issued by Gemgarto 2012-1 Plc.

This rating action reflects the full redemption of the Class A1 Variable Rate Notes as at the payment date on 15 May 2017. Prior to its repayment, the outstanding principal of the Class A1 Variable Rate Notes was GBP 14,043,600 with a rating of AAA (sf).

Notes:
All figures are in British pounds unless otherwise noted.

The principal methodology applicable to the rating is the Master European Structured Finance Surveillance Methodology.

In DBRS’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 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 the DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” at: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries.

The sources of data and information used for these ratings include information provided by The Northview Group Limited.

DBRS did not rely upon third-party due diligence in order to conduct its analysis. At the time of the initial rating, DBRS was supplied with third-party assessments. However, this did not impact the rating analysis.

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

DBRS 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 20 December 2016, when DBRS confirmed its ratings on the Class A1 Variable Rate Notes at AAA (sf) following publication of DBRS’s “European RMBS Insight: U.K. Addendum” on 2 November 2016.

Information regarding DBRS ratings, including definitions, policies and methodologies is available at www.dbrs.com.

For further information on DBRS historic 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 regulations only.

Lead Analyst: Andrew Lynch, Assistant Vice President
Initial Rating Date: 2 April 2012

DBRS Ratings Limited
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London EC3M 3BY
United Kingdom
Registered in England and Wales: No. 7139960.

The rating methodologies used in the analysis of this transaction can be found at http://www.dbrs.com/about/methodologies:

-- Legal Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Operational Risk Assessment for European Structured Finance Servicers
-- European RMBS Insight Methodology
-- European RMBS Insight: U.K. Addendum
-- Unified Interest Rate Model for European Securitisations

A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375.