DBRS assigns BB rating to Pillar Finance DAC

DBRS has assigned a BB (low) rating to Pillar Finance DAC, which is the first public nonperforming loans transaction executed in Greece.

The Canadian-based rating agency commented that “this demonstrates that the Asset Protection Scheme, which should work in a similar fashion to the Italian GACS, is a viable option to dispose of NPLs. In a similar fashion to what happened in Italy, securitization has demonstrated to be a fundamental instrument for this purpose.”