DBRS Confirms AA (high) Rating on Series A2(G) Notes Issued by IM BANCO POPULAR FTPYME 2, F.T.A.

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of AA (high) (sf) on the EUR 388,300,000 Series A2(G) Notes (the “Notes”) issued by IM BANCO POPULAR FTPYME 2, F.T.A. (the “Issuer”). The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco Popular Español, S.A. (“Banco Popular”) to Spanish enterprises, 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 24 April 2046.

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

The sources of information used for the rating include parties involved in the rating, including but not limited to IM Banco Popular FTPYME 2, F.T.A., Intermoney Titulizaæion, S.G.F.T., S.A. and Banco Popular Español, S.A. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Further information on DBRS’s analysis of this transaction will be available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

For additional information on DBRS European SME CLOs, please see European Disclosure Requirements, located at http://www.dbrs.com/research/235269.

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

Lead Analyst: Simon Ross
Surveillance Analyst: Ryan O’Shea
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 24 February 2011

Notes:
All figures are in Euros unless otherwise noted.