Scope today has withdrawn its rating on the bond issued by Herrenhausen Investment SA via its Compartment IV as follows:

Inhaberschuldverschreibung to WR from BBB+_SF

Rating rationale

Today's actions are driven by the full repayment of the bearer bond by the issuer on 2 October 2017.

The transaction has performed in line with Scope’s expectations since its closing on 5 November 2015.

Ratings and research are freely available at www.scoperatings.com.

Legal and regulatory disclosures

Important information
Information pursuant to Regulation (EC) No 1060/2009 on credit rating agencies, as amended by Regulations (EU) No. 513/2011 and (EU) No. 462/2013

Responsibility
The party responsible for the dissemination of the financial analysis is Scope Ratings AG, Berlin, District Court for Berlin (Charlottenburg) HRB 161306 B, Executive Board: Torsten Hinrichs (CEO), Dr Stefan Bund.

The rating analysis has been prepared by Sebastian Dietzsch, Lead Analyst
Responsible for approving the rating: Guillaume Jolivet

Rating history
Instrument ISIN; Date; Rating action; Rating

DE000A1Z9LJ3; 06.10.2015; Preliminary; (P) BBB(SF)
DE000A1Z9LJ3; 05.11.2015; Definitive; BBB(SF)
DE000A1Z9LJ3; 16.11.2016; Upgrade; BBB+(SF)

Information on interests and conflicts of interest
The rating was prepared independently by Scope Ratings but for a fee based on a mandate from the issuer of the investment, represented by the management company. The issuer has participated in the rating process.

As at the time of the analysis, neither Scope Ratings AG nor companies affiliated with it hold any interests in the rated entity or in companies directly or indirectly affiliated to it. Likewise, neither the rated entity nor companies directly or indirectly affiliated with it hold any interests in Scope Ratings AG or any companies affiliated to it. Neither the rating agency, the rating analysts who participated in this rating, nor any other persons who participated in the provision of the rating and/or its approval hold, either directly or indirectly, hold any shares in the rated entity or in third parties affiliated to it. Notwithstanding this, it is permitted for the above-mentioned persons to hold interests through shares in diversified undertakings for collective investment, including managed funds such as pension funds or life insurance companies, pursuant to EU Rating Regulation (EC) No 1060/2009. Neither Scope Ratings nor companies affiliated with it are involved in the brokering or distribution of capital investment products. In principle, there is a possibility that family relationships may exist between the personnel of Scope Ratings and that of the rated entity. However, no persons for whom a conflict of interests could exist due to family relationships or other close relationships will participate in the preparation or approval of a rating.

Key sources of information for the rating
The following substantially material sources of information were used to prepare the credit rating: public domain, the rated entity, the rated entities’ agents, third parties and Scope internal sources.

Scope Ratings considers the quality of the available information on the evaluated entity to be satisfactory. Scope ensured as far as possible that the sources are reliable before drawing upon them, but did not verify each item of information specified in the sources independently.

Examination of the rating by the rated entity prior to publication
Prior to publication, the rated entity was given the opportunity to examine the rating and the rating drivers, including the principal grounds on which the credit rating or rating outlook is based. The rated entity was subsequently provided with at least one full working day, to point out any factual errors, use of confidential information, or to appeal the rating decision and deliver additional material information. Following that examination, the rating was not modified.

Methodology
The methodologies applicable for this rating are the ‘Methodology for Counterparty Risk in Structured Finance’, and the ‘General Structured Finance Rating Methodology’. Files are available on www.scoperatings.com.
The historical default rates of Scope Ratings can be viewed on the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope’s default rating, definitions of rating notations and further information on the analysis components of a rating can be found in the documents on methodologies on the rating agency’s website.

Conditions of use / exclusion of liability
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Rating issued by
Scope Ratings AG, Lennéstrasse 5, 10785 Berlin.