DBRS Ratings Limited Assigns Final Ratings to Totta Consumer No. 1

DBRS Ratings Limited (DBRS) has today assigned a final rating of AA (high) (sf) to the Class A Asset-Backed Floating Rate Securitisation Notes issued by Totta Consumer No. 1, TAGUS -Sociedade de Titularização de Créditos, S.A.The Notes are backed by a portfolio of consumer loans originated by Banco Santander Totta, S.A.

The 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 Euro unless otherwise noted.

The applicable methodologies are Rating European Consumer and Commercial Asset-Backed Securitisations and Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies. Readers should also consider the DBRS commentary The Effect of Sovereign Risk on Securitisations in the Euro Area. This is a newly created financial instrument.

The sources of information used for these ratings include performance data relating to the receivables provided by Santander de Titulización, S.G.F.T., S.A., the financial advisor for Totta Consumer No. 1, S.A.DBRS considers the information available to it for the purposes of providing these ratings wasof 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 Presidentt
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 27 June 2011