DBRS Ratings Limited Assigns Final Ratings to Financat 1, FTA Series A & B Bonds

DBRS Ratings Limited (DBRS) has today assigned final ratings of A (high) (sf) to the Series A Bonds and A (low) (sf) to the Series B Bonds issued by Financat 1, Fondo de Titulizacion de Activos. The Bonds are backed by a portfolio of consumer loans originated by Caixa D’estalvis De Catalunya, Tarragona I Manresa (CatalunyaCaixa).

The final ratings are based upon a review by DBRS of the following analytical considerations:

•The transaction structure and form and sufficiency of available credit enhancement. Credit enhancement is in the form of subordination, excess spread and a reserve fund. Credit enhancement levels are sufficient to support an A (high) (sf) rating on the Series A Bonds and an A (low) (sf) rating on the Series B Bonds.
•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms on which they have invested.
•The transaction parties’ capabilities with regards to originations, underwriting and servicing and financial strength.
•Soundness of the legal structure and presence of legal opinions addressing the assignment of the assets to the issuer and the consistency with the DBRS Legal Criteria for European Structured Finance Transactions.

Note:
All figures are in Euros unless otherwise noted.

The principal methodologies applicable are Rating European Consumer Asset-Backed Securitisations and the DBRS Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies.

The sources of information used for these ratings include performance data relating to the receivables provided by CatalunyaCaixa and by Gestion de Activos Titulizados, SGFT SA, the management company for Financat 1, FTA. DBRS considers the information available to it for the purposes of providing these ratings was of satisfactory quality.

This is the first DBRS rating on this financial instrument.

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

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

Lead Analyst: Gareth Levington, Senior Vice President
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 24 May 2011