DBRS Confirms Ratings on Notes Issued by Empresas Banesto 5, FTA

DBRS Ratings Limited (“DBRS”) has today confirmed the following ratings to the Notes issued by Empresas Banesto 5, FTA (the “Issuer”):

• EUR 627,087,283.20 Series A Notes: AAA (sf)
• EUR 96,000,000.00 Series B Notes: AA (low) (sf)
• EUR 160,000,000.00 Series C Notes: BBB (low) (sf)

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco Español de Crédito, S.A. to Spanish big enterprises and small and medium-sized enterprises (“SMEs”) and self-employed individuals. The ratings on the Notes address the timely payments of principal and interest payable to the Notes on or before the Final Date on 14 December 2052.

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 Banco Español de Crédito, S.A., Santander de Titulización, S.G.F.T, S.A., and Empresas Banesto 5, 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: 13 September 2010

Note:
All figures are in Euros unless otherwise noted.