DBRS Confirms Ratings of TDA FTPYME PASTOR 9, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed ratings of AAA (sf) of the €39,320,793.75 Series A1 Notes, AAA (sf) of the €250,000,000.00 Series A2(G) Notes and B (low) (sf) of the €127,500,000.00 Series B Notes issued by TDA FTPYME PASTOR 9, F.T.A. (the “Issuer”). The transaction is a cashflow securitisation collateralised primarily by a portfolio of bank loans originated by Banco Pastor, S.A. ("Banco Pastor") to Spanish small and medium-sized enterprises (“SMEs”). As of 30 April 2011, the transaction had a current performing portfolio notional amount of €406,942.71 million and included 3,241 loans. The portfolio continues to be serviced by Banco Pastor.

The confirmation of the ratings is based on the notification of the replacement of Banca March, S.A. as Accounts Bank (Reinvestment Account) by Banco Popular Español, S.A.

The rating confirmation by DBRS does not signify the approval of the amendment by DBRS or an opinion by DBRS as to whether the amendment is beneficial or detrimental to the holders of the securities.

The principal methodology is Master European Granular Corporate Securitisations (SME CLOs), which can be found on our website under Methodologies.

The sources of information used for these ratings include parties involved in the rating, including but not limited to TDA FTPYME PASTOR 9, F.T.A., and Banco Pastor, S.A. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on DBRS European SME CLO(s), please see European Disclosure Requirements, located at http://www.dbrs.com/research/235269.

Lead Analyst: Simon Ross
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 3 December 2010

Notes:
All figures are in Euro unless otherwise noted.