DBRS Confirms Ratings on Series A, Series B and Series C Notes of F.T.A. SANTANDER EMPRESAS 8

DBRS Ratings Limited (“DBRS”) has today confirmed the following ratings to the Notes issued by F.T.A. SANTANDER EMPRESAS 8 (the “Issuer”):

• EUR 2,630,215,754.98 Series A Notes: AAA (sf)
• EUR 1,435,100,000.00 Series B Notes: B (sf)
• EUR 1,290,000,000.00 Series C Notes: C (sf)

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans and credit lines originated by Banco Santander, S.A. to Spanish 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 16 April 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 Santander, Santander de Titulización, and F.T.A. SANTANDER EMPRESAS 8. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The confirmation of the ratings of the Series A, Series B and Series C Notes are based on the notification of the introduction of new wording limiting the size of the Liquidity Line to be less than 20% of the Class A Notes’ outstanding balance.

The rating confirmation by DBRS does not signify the approval of the amendment by DBRS or an opinion by DBRS as to whether the amendment is beneficial or detrimental to the holders of the securities.

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: 26 January 2011

Note:
All figures are in Euros unless otherwise noted.