DBRS Assigns Provisional Rating to Hipocat 14, Asset Securitization Fund

DBRS, Inc. (DBRS) has today assigned provisional ratings to the following Series of Notes issued by Hipocat 14:

• Series A rated A (high) (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.
•The transaction’s legal structure and opinions and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions methodology, dated September 2010.

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 Spain mortgages. This is a newly created financial instrument.

The sources of information used for this rating include data relating to the underlying mortgages provided by CatalunyaCaixa and data from Banco de Espana. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please refer to the linking document located below.

This is the first DBRS rating on this financial instrument.

Lead Analyst: Keith Gorman
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 16 May 2011