DBRS Takes Rating Actions on Notes Issued by IM GRUPO BANCO POPULAR EMPRESAS 4

DBRS Ratings Limited (“DBRS”) has today confirmed and placed Under Review with Negative Implications the rating of AAA (sf) on the EUR 1,056,869,437.50 Series A Notes and confirmed the rating of BBB (sf) on the EUR 625,000,000 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 rating on the Series A Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 22 June 2037. The rating on the Series B Notes addresses the ultimate payment of principal and interest on or before the Final Date.

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

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 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.