DBRS Confirms AA (high) (sf) Ratings on Series A4 Notes of FONCAIXA EMPRESAS 1, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of AA (high) (sf) on the remaining EUR 2,654,925,240.00 Series A4 Notes (the “Notes”) issued by FONCAIXA EMPRESAS 1, F.T.A. (the “Issuer”). The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Caixabank, S.A. to Spanish small and medium-sized enterprises (“SMEs”). The rating on the Notes addresses the timely payment of principal and interest payable to the Notes on or before the Final Date on 1 January 2050.

The principal methodology is Master European Granular Corporate Securitisations (SME CLOs), which can be found on our website (www.dbrs.com) under Methodologies.

The sources of information used for this rating include the parties involved in the rating, including but not limited to La Caixa, CaixaBank, GestiCaixa, and FONCAIXA EMPRESAS 1, F.T.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 SME CLO(s), please see European Disclosure Requirements, located at www.dbrs.com/research/235269.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.
Lead Analyst: Simon Ross
Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 17 February 2011

Note:
All figures are in Euros unless otherwise noted.