OREANDA-NEWS. Fitch Ratings has affirmed Talisman-4 Finance plc's notes and withdrawn them as follows:

EUR30.1m class A (XS0263096389) affirmed at 'Dsf'; Recovery Estimate (RE) 100%; rating withdrawn
EUR39.4m class B (XS0263098161) affirmed at 'Dsf'; RE 20%; rating withdrawn
EUR39.4m class C (XS0263098914) affirmed at 'Dsf'; RE 0%; rating withdrawn
EUR3.8 m class D (XS0263099722) affirmed at 'Dsf'; RE 0%; rating withdrawn
EUR0m class E (XS0263100835) affirmed at 'Dsf'; RE 0%; rating withdrawn
EUR0m class F (XS0263101304) affirmed at 'Dsf'; RE 0%; rating withdrawn
EUR0m class G (XS0263101569) affirmed at 'Dsf'; RE 0%; rating withdrawn

The transaction is a securitisation of originally eight commercial mortgage loans secured on assets located in Germany. As of the January 2015 interest payment date, only one loan (DT12) remained. This loan, which was originally secured by 12 properties, failed to repay at maturity in July 2013 and has been in special servicing since.

KEY RATING DRIVERS
Fitch is withdrawing the ratings of Talisman-4 Finance plc as the issuer has defaulted.] Accordingly, Fitch will no longer provide ratings or analytical coverage for Talisman-4 Finance plc.

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:
-Investor report as of the July 2015 interest payment date.