Scope has today withdrawn the BBB-_SF review for downgrade on the Inhaberschuldverschreibung (credit linked note) issued by Herrenhausen Investment SA – Compartment 1:

Rating rationale

Today’s action is driven by the issuer’s full redemption of the credit linked notes on 25 March 2019.

The transaction has performed better than expected since its closing date on 15 May 2014.

Methodology
The methodology used for this rating is the General Structured Finance Methodology, dated August 2018. Scope also applied the principles contained in the Methodology for Counterparty Risk in Structured Finance, dated August 2018. Both are available on www.scoperatings.com.
Historical default rates of Scope Ratings can be viewed in the rating performance report on https://www.scoperatings.com/#governance-and-policies/regulatory-ESMA Please also refer to 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 definition of default as well as definitions of rating notations can be found in Scope’s public credit rating methodologies on www.scoperatings.com.

Solicitation, key sources and quality of information
The rated entity and/or its agents participated in the rating process.
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 considers the quality of information available to Scope on the rated entity or instrument to be satisfactory. The information and data supporting Scope’s ratings originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data.
Scope Ratings GmbH has not relied on a third-party asset due diligence/asset audit. However, the protection buyer Deutsche Hypothekenbank would not be able to claim losses under guarantee agreement upon a material misrepresentation on a reference asset that gave rise to a loss claim.
Prior to the issuance of the rating or outlook action, the rated entity was given the opportunity to review the ratings and the principal grounds on which the credit ratings are based. Following that review, the ratings were not amended before being issued.

Regulatory disclosures
This credit rating and/or rating outlook is issued by Scope Ratings GmbH.
Lead analyst Sebastian Dietzsch, Associate Director
Person responsible for approval of the rating: David Bergman, Executive Director
The ratings were first released by Scope on 16 May 2015.
The last rating update was on 28 March 2019.

Potential conflicts
Please see www.scoperatings.com for a list of potential conflicts of interest related to the issuance of credit ratings.

Conditions of use / exclusion of liability
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