RPT-Fitch: No Rating Impact on SGML and DMPL series from Merger of Seller

Mon Jun 2, 2014 8:51am EDT

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June 2 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says that the ratings of the RMBS transactions for which Achmea Hypotheekbank N.V. (AHB) is the seller and originator are not affected by the merger of AHB with its sister company Achmea Retail Bank N.V. (ARB), which collects retail deposits via direct channels, and Achmea Holding Bank Holding NV, the holding company of AHB and ARB.

The merged entity will be named Achmea Bank N.V. (Achmea Bank); the rationale for the merger is to streamline the operations of AHB and ARB, which are already being managed and supervised collectively. The merger was completed on 31 May 2014.

As a result of the merger the Dutch Mortgage Portfolio Loans and Securitized Guaranteed Mortgage Loans transactions are exposed to deposit set-off risk.

Fitch has reviewed loan-by-loan information on deposit set-off for each borrower and determined that no rating action is warranted on any of the transactions below as sufficient credit enhancement is in place. The ratings of the notes are as follows:

Securitized Guaranteed Mortgage Loans I B.V.

Class A (XS0277021399): rated 'AAAsf'; Outlook Stable

Securitized Guaranteed Mortgage Loans II B.V.

Class A (NL0006477739): rated 'AAAsf'; Outlook Stable

Dutch Mortgage Portfolio Loans VIII

Class A1 (ISIN NL0009639277): rated 'AAAsf'; Outlook Stable

Class A2 (ISIN NL0009639285): rated 'AAAsf'; Outlook Stable

Class B (ISIN NL0009639293): rated 'BB+sf'; Outlook Stable

Dutch Mortgage Portfolio Loans IX

Class A1 (ISIN NL0009821891): rated 'AAAsf'; Outlook Stable

Class A2 (ISIN NL0009821909): rated 'AAAsf'; Outlook Stable

Dutch Mortgage Portfolio Loans X

Class A1 (ISIN NL0010200465): rated 'AAAsf'; Outlook Stable

Class A2 (ISIN NL0010200473): rated 'AAAsf'; Outlook Stable

Dutch Mortgage Portfolio Loans XI

Class A (ISIN NL0010514154): rated 'AAAsf'; Outlook Stable

Dutch Mortgage Portfolio Loans XII

Class A1 (ISIN NL0010773867): rated 'AAAsf'; Outlook Stable

Class A1 (ISIN NL0010773875): rated 'AAAsf'; Outlook Stable

Class B (ISIN NL0010773883): rated 'BB-sf'; Outlook Stable

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