DBRS Extends its Review on the Notes Issued by IM FTPYME SABADELL 7, F.T.A.

DBRS Ratings Limited (“DBRS”) has today extended the Under Review with Negative Implications on the EUR 255,632,822 Series A2(G) Notes (“the Notes”) issued by IM FTPYME SABADELL 7, FTA (the “Issuer”). The rating is currently AA (high) (sf).

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. (“Banco de Sabadell”) to Spanish enterprises, small and medium-sized enterprises (“SMEs”) and self-employed individuals. The rating on the Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 22 September 2044.

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 8 August 2012 downgrade of the Kingdom of Spain from A (high) Under Review Negative to A (low) Negative Trend (see “DBRS Downgrades Spain’s Rating to A (low) with Negative Trend”), including the incorporation of a sovereign related stress component related to the A (low) Negative Trend rating.

• DBRS has been informed that the Account Bank has been moved from Banco Santander to the Bank of Spain. As of the date of this press release, Banco Santander is rated A by DBRS. The rating will remain Under Review with Negative Implications as the impact of this action is assessed.

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 the rating include parties involved in the rating, including but not limited to IM FTPYME SABADELL 7, F.T.A., Intermoney Titulización, S.G.F.T., S.A. and Banco de Sabadell, 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.

Surveillance Analyst: Alfonso Candelas
Lead Analyst: Simon Ross
Rating Committee Chair: Jerry Van Koolbergen
Initial Rating Date: 11 February 2011

Notes:
All figures are in Euros unless otherwise noted.