DBRS Confirms and Places Ratings Under Review Negative on the Notes Issued by Empresas Banesto 6

DBRS Ratings Limited (“DBRS”) has today confirmed and placed Under Review with Negative Implications ratings on the Notes issued by Empresas Banesto 6, F.T.A (the “Issuer”):

• EUR 935 million Series A Notes: AAA (sf)
• EUR 165 million Series B Notes: BBB (low) (sf)
• EUR 264 million Series C Notes: C (sf)

The transaction is a cash flow securitisation collateralized primarily by a portfolio of bank loans originated by Banco Espanol de Crédito, S.A. (“Banesto”) to large corporations and small-and medium-sized enterprises (“SMEs”) domiciled in Spain. The rating of the Series A Notes addresses the timely payment of interest and the payment of principal on or before the Legal Final Maturity Date of 17 September 2033. The ratings of the Series B and Series C Notes address the ultimate payment of interest and the payment of principal on or before the Legal Final Maturity Date.

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

The rating action reflects the following analytical considerations:
• The impact of the May 3, 2012, downgrade by DBRS, Inc. of the long term foreign and local currency debt of the Kingdom of Spain to A (high) from AA (low) with trends remaining Negative (see press release “DBRS Downgrades Spain to A (high), Trend Remains Negative”), including the incorporation of a sovereign related stress component related to the A (high) rating on trend Negative.
• The impact of the May 22, 2012 rating action by DBRS, Inc. placing the long term foreign and local currency debt of the Kingdom of Spain Under Review with Negative Implications (see “DBRS Places Spain’s Ratings Under Review with Negative Implications”).

• Heightened concern with respect to the stress certain transaction parties may come under to perform transaction obligations (servicers and collection account banks domiciled in Spain).

• Increased uncertainty surrounding the impact of macroeconomic variables on collateral performance.

For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”, located at http://dbrs.com/research/239786.

The sources of information used for these ratings include parties involved in the rating, including but not limited to Empresas Banesto 6, F.T.A., Santander de Titulización S.G.F.T., S.A. and Banesto. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this rating, please see www.dbrs.com/research/235269.

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: Carlos Silva
Surveillance Analyst: Ryan O’Shea
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 25 October 2011

Notes:
All figures are in Euros unless otherwise noted.