DBRS Downgrades Ratings on the Notes Issued by PYMECAT 3 FTPYME, FTA and Removes from UR-Negative

DBRS Ratings Limited (“DBRS”) has today downgraded the ratings on the Notes issued by PYMECAT 3 FTPYME, F.T.A. (the “Issuer”) and has removed the Notes from Under Review with Negative Implications:

• EUR 66,788,544 Series A1(G) Notes: From AAA (sf) to AA (high) (sf)
• EUR 13,914,280 Series A2 Notes: From AAA (sf) to AA (high) (sf)
• EUR 30,527,930 Series A3 Notes: From AAA (sf) to AA (high) (sf)

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by the predecessor institutions of Catalunya Banc, S.A., to Spanish enterprises, small and medium-sized enterprises (“SMEs”) and self-employed individuals. The ratings of the Series A1(G), the Series A2 and the Series A3 Notes address the timely payments of interest and ultimate payments of principal on or before the Statutory Maturity Date of the Fund on 20 July 2052.

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, including the incorporation of a sovereign related stress component related to the A (low) rating on trend Negative.
• Performance of the deal, with higher than expected defaults and increased regional and industrial concentration risk, among other factors.

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 PYMECAT 3 FTPYME, FTA, Gestión de Activos Titulizados, S.G.F.T., S.A. and Catalunya Banc, 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: Glen Leppert
Initial Rating Date: 12 November 2010

Notes:
All figures are in Euros unless otherwise noted.