DBRS Assigns Provisional Rating to Hipocat 17 Fondo de Titulización de Activos

DBRS Inc., (DBRS) has today assigned provisional ratings to the following class of Notes issued by Hipocat 17 F.T.A.:

• Series A rated A (sf)

The provisional ratings are based upon review by DBRS of the following analytical considerations:
•Transaction capital structure and form and sufficiency of available credit enhancement.
•Relevant credit enhancement is in the form of excess spread, a fully funded reserve fund and subordination.
•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to terms in which they have invested.
•The transaction parties’ capabilities with respect to originations, underwriting, servicing, and financial strength.
•The credit quality of the collateral and ability of the Servicers to perform collection activities on the collateral.

Note:
All figures are in Euros unless otherwise noted.

The applicable methodologies are Master European Residential Mortgage-Backed Securities Rating Methodology and Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies, with adjustments made for the Spanish mortgages.

The sources of information used for this rating include data relating to the underlying mortgages provided by Catalunya Caixa. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on DBRS European RMBS ratings, please refer to the linking document located below.

The full report providing additional analytical detail is available by clicking on the link below or by contacting us at info@dbrs.com.