DBRS Confirms Ratings of GC FTPYME SABADELL 8, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed the following ratings to the Notes issued by GC FTPYME SABADELL 8, F.T.A. (the “Issuer”):

• EUR 250 million Series A1(G): AAA (sf)
• EUR 390 million Series A2(G): AAA (sf)
• EUR 160 million Series A3: AAA (sf)
• EUR 200 million Class B Notes: BB (high) (sf)

The ratings of the Series A1(G), the Series A2(G) and the Series A3 address the timely payment of interest and principal payable on each payment date during the transaction. The rating of the Class B Notes addresses the ultimate payment of interest and the ultimate payment of principal at the legal final maturity.

The confirmation follows the review of the ability of the transaction to withstand stressed cash flow assumptions, the transaction parties’ financial strength, including the ability to perform respective duties and the overall deal performance.

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 this rating include the parties involved in the rating, including but not limited to Banco de Sabadell, S.A., GC FTPYME SABADELL 8, F.T.A., and GestiCaixa S.G.F.T., 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 CLO and Tranched Credit Derivatives, please see European Disclosure Requirements, located at http://www.dbrs.com/research/237794.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Orest Gavrylak
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 22 September 2010

Note:
All figures are in Euros unless otherwise noted.