DBRS Confirms Series A and Upgrades Series B Notes issued by IM GRUPO BANCO POPULAR EMPRESAS 4, FTA

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of AAA (sf) on the EUR 1,875 million Series A Notes and upgraded the rating from B (sf) to BBB (sf) on the EUR 625 million Series B Notes issued by IM GRUPO BANCO POPULAR EMPRESAS 4, F.T.A. (the “Issuer”). The transaction is a cash flow securitisation collateralized primarily by a portfolio of bank loans originated by Banco Popular Español, S.A. to Spanish enterprises and small-and medium-sized enterprises (“SMEs”).

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 these ratings include parties involved in the rating, including but
not limited to IM GRUPO BANCO POPULAR EMPRESAS 4, F.T.A, Intermoney Titulización SGFT, 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.

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: Glen Leppert
Surveillance Analyst: Ryan O’Shea
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 6 April 2011

Note:
All figures are in Euros unless otherwise noted.