DBRS Places Under Review with Negative Implications Ratings on Notes Issued by FTA PYMES SANTANDER 3

DBRS Ratings Limited (“DBRS”) has today placed Under Review with Negative Implications ratings on the Notes issued by FTA PYMES SANTANDER 3:

• EUR 1,303.1 million Series A Notes: AA (sf)
• EUR 266.9 million Series B Notes: BB (sf)
• EUR 314.0 million Series C Notes: C (sf)

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Santander, S.A. (“Banco Santander”) to self-employed individuals and small and medium sized enterprises (“SMEs”) based in Spain. The rating on the Series A Notes addresses the timely payment of interest on each payment date and the ultimate payment of principal on or before the Final Maturity Date on 15 January 2045. The rating on the Series B Notes addresses the ultimate payment of interest and principal on or before the Final Date on 15 January 2045.

The rating of the Series C Notes is based upon DBRS’s review of the following considerations:
-- The Series C Notes are in the first loss position and, as such, are highly likely to default.
-- Given the characteristics of the Series C Notes as defined in the transaction documents, the default most likely would only be recognised at the maturity or early termination of the transaction.

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

The rating action reflects 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 and the June 22, 2012, related Commentary (see “DBRS Places Spain’s Ratings Under Review with Negative Implications” and “DBRS Maintains Spain, Italy, Portugal, Ireland Ratings Under Review”).

As of the date of issuing the rating, the Spanish sovereign rating was rated A (high), Under Review with Negative Implications. Consequently, this is reflected in the rating of AA (sf) - Under Review with Negative Implications for the Class A Notes, BB (sf) - Under Review with Negative Implications for the Class B Notes and C (sf) - Under Review with Negative Implications for the Class C Notes.

The sources of information used for the rating include parties involved in the rating, including but not limited to FTA PYMES SANTANDER 3, Santander de Titulización, S.G.F.T., S.A. and Banco Santander. 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.

Surveillance Analyst: Alfonso Candelas
Lead Analyst: Carlos Silva
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 19 July 2012

Notes:
All figures are in Euros unless otherwise noted.