DBRS Discontinues Series A1 and Extends its Review on A2(G) and B Issued by IM FTPYME Sabadell 9 FTA

DBRS Ratings Limited (“DBRS”) has today discontinued the public ratings on the EUR 58,203,647 Series A1 Notes and has extended the Under Review with Negative Implications on the following Notes issued by IM FTPYME Sabadell 9, F.T.A. (the “Issuer”):

• EUR 621,154,300 Series A2 (G) Notes: AAA (sf) – URN
• EUR 555,000,000 Series B Notes: B (high) (sf) – URN

The transaction is a cash flow securitisation collateralized primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. (“Banco Sabadell”) to Spanish large corporations and small and medium-sized enterprises (“SMEs”). The rating on Series A2 (G) Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 17 January 2046. The rating on Series B Notes addresses an ultimate payment of interest and principal on or before the Final Date on 17 January 2046.

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

The rating action on the Series A1 reflects the payment in full of the Series A1 Notes.

The rating action on the Series A2 (G) and Series B 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 these ratings include parties involved in the rating, including but not limited to Banco Sabadell, Intermoney Titulización S.G.F.T., S.A. and IM FTPYME Sabadell 9, F.T.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: Carlos Silva
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 2 November 2011

Notes:
All figures are in Euros unless otherwise noted.