DBRS Assigns 1 and Confirms 2 Ratings on the Bonds issued by FTA Santander Financiacion 5

DBRS Ratings Limited (“DBRS”) has today assigned a rating of C (sf) to the Series C Bonds and confirmed the ratings of AAA (sf) for the Series A and BBB (sf) for the Series B Bonds issued by FTA Santander Financiacion 5 (the “Issuer”). The Bonds are backed by a portfolio of consumer loans originated by Banco Santander, SA.

The rating of the Series C Bonds is based upon DBRS’ review of the following considerations:

•The Series C Bonds are in the first loss position.
•As such, the Series C Bonds are highly likely to default

The confirmation of the Series A and Series B Bonds is based upon DBRS’ review of the following considerations:

•The replacement of the Subordinated Loan with the Series C Bonds has no impact on the rating of the Series A and Series B Bonds.
•The transaction closed June 29, 2011 with no adverse portfolio performance reported since then.

Note:
All figures are in Euro unless otherwise noted.

The principal methodologies applicable are Rating European Consumer Asset-Backed Securitisations and the 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 Banco Santander, SA and by Santander de Titulizacion, SGFT SA, the management company for FTA Santander Financiacion 5. DBRS considers the information available to it for the purposes of providing these ratings was of satisfactory quality.

For additional information on these ratings, please refer to the linking document.

Lead Analyst: Lain Gutierrez
Back up Analyst: David Sanchez Rodriguez
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 3 August 2011