DBRS Ratings Limited Assigns Provisional Ratings to Bonds of Foncaixa Leasings 1, FTA

DBRS Ratings Limited (DBRS) has today assigned provisional ratings of AAA (sf) to the Series A1 and Series A2 Bonds, A (sf) to the Series B Bonds and BBB (sf) to the Series C Bonds issued by Foncaixa Leasings 1, Fondo de Titulizacion de Activos. The Bonds are backed by a portfolio of commercial leases originated by Caixa d’Estalvis i Pensions de Barcelona (“La Caixa”).

The provisional 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 the ratings assigned.
•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’ financial strength and capabilities with regards to originations, underwriting and servicing.
•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 La Caixa and by GestiCaixa, SGFT SA, the management company for Foncaixa Leasings 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.

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