OREANDA-NEWS. Fitch Ratings has downgraded Brooklands Euro Reference-Linked Notes 2005-1 notes, and withdrawn their ratings as follows:

Class D1 (ISIN XS0226777133): downgraded to 'D' from 'C' and withdrawn
Class D2 (ISIN XS0226777216): downgraded to 'D' from 'C' and withdrawn
Class E (ISIN XS0226777729): affirmed at 'Dsf' and withdrawn

Brooklands is a special purpose vehicle incorporated with limited liability under the laws of the Cayman Islands. Brooklands provides protection to UBS AG, London Branch (A+/ Stable/F1+) on a portfolio of reference credits with an initial notional value of EUR1bn.

KEY RATING DRIVERS
The downgrades of the class D1 and class D2 notes reflect the notional being partially and completely written down respectively following losses. The remainder of the class D1 notes was redeemed. The class E notes had also been completely written down.

RATING SENSITIVITIES
Not applicable

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.
-Transaction reporting provided by UBS AG as at 22 February 2016
-Optional reduction in whole notice provided by UBS AG as at 25 January 2016
-Notice of determination of a credit protection payment provided by UBS AG as at 18 January 2016