DBRS Confirms Rating on Class A Notes Issued By SAGRES – STC, S.A. (Douro SME No. 2)

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of A (sf) to the EUR 1,819,400,000 Class A Notes issued by SAGRES – SOCIEDADE DE TITULARIZAÇÃO DE CRÉDITOS, S.A. (the “Issuer”). The transaction is a cashflow securitisation collateralised primarily by a portfolio of term loans, credit lines and commercial paper facilities originated by Banco BPI, S.A. ("BPI") to Portuguese corporates, small-and medium-sized enterprises (“SMEs”) and self-employed individuals.

The rating action reflects changes made to the transaction pursuant to amendments regarding appointment of Banco Comercial Português as Back-Up Servicer and modifications to the terms on which an appointed Back-Up Servicer would become Successor Servicer. The aforementioned amendments were executed March 2012.

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

The sources of information used for this rating include parties involved in the rating, including but not limited to SAGRES – SOCIEDADE DE TITULARIZAÇÃO DE CRÉDITOS, S.A. and Banco BPI, 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 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: 11 February 2011
Most Recent Rating Update: 23 February 2012

Note:
All figures are in Euro unless otherwise noted.