DBRS Confirms Series A from IM Sabadell RMBS 2 Fondo De Titulización De Activos
RMBSDBRS Ratings Limited (DBRS) has confirmed the rating of on the Series A Note issued by IM Sabadell RMBS 2 Fondo De Titulizacion De Activos. The ratings were initially issued on February 28, 2011.
The rating confirmation is based upon the following analytical considerations:
•The transaction is performing within DBRS expectations and available credit enhancement 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:
•Master European Structured Finance Surveillance Methodology
•Master European Residential Mortgage-Backed Securities Rating Methodology
•Legal Criteria for European Structured Finance Transactions
•Swap Criteria For European Structured Finance Transactions
•Operational Risk Assessment for European RMBS Servicers
•Unified Interest Rate Model Methodology for European Securitisations
These can be found on dbrs.com under Methodologies.
The sources of information used for this rating include performance data relating to the receivables provided by Banco de Sabadell, S.A. DBRS considers the information available to it for the purposes of providing this rating confirmation was of satisfactory quality.
Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.
For additional information on this rating, please see the linking document.
Lead Analyst: Alastair Bigley
Surveillance Analyst(s): Mark Zelmanovich / Lain Gutierrez
Rating Committee Chair: Claire Mezzanotte
Initial Rating Date: February 28, 2011
Ratings
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