DBRS Confirms Ratings on Hipocat 18 Fondo de Titulización de Activos

DBRS has confirmed the rating of AA (sf) on the Series A Notes issued by HIPOCAT 18, FONDO DE TITULIZACIÓN DE ACTIVOS. The rating was initially issued on September 22, 2010.

The rating confirmation is based upon the following analytical considerations:

•The transaction is performing within DBRS expectations and available credit enhancement for Series A is sufficient to cover DBRS expected losses.
•The transaction parties’ financial strength and capabilities to perform their respective duties, and the quality of origination, underwriting and servicing practices.
•The credit quality of the collateral and ability of the Servicer to perform collection activities on the collateral.
•The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms of the transaction documents.
•Transaction triggers that may change cash flow allocations or cause the replacement of key entities within the transaction structure.

Note:
All figures are in Euros (€) unless otherwise noted.

The principal methodologies applicable are the Master European Structured Finance Surveillance Methodology, Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda, Legal Criteria for European Structured Finance Transactions, which can be found on our website under Methodologies.

For additional information on DBRS European RMBS ratings, please refer to the linking document.

Lead Analyst: Lain Gutierrez, Senior Vice President
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: 22 September 2010