DBRS Downgrades the Ratings on the Notes Issued by FTPYME TDA CAM 7, FTA and Removes UR-Negative

DBRS Ratings Limited (“DBRS”) has today downgraded the ratings on the Notes issued by FTPYME TDA CAM 7, F.T.A. (the “Issuer”) and has removed the Notes from Under Review with Negative Implications:

• EUR 159,474,996 Series A1 Notes: downgraded from A (high) (sf) to A (low) (sf)
• EUR 151,664,225 Series A2(CA) Notes: downgraded from A (high) (sf) to A (low) (sf)
• EUR 110,179,599 Series A3 Notes: downgraded from A (high) (sf) to A (low) (sf)

The transaction is a cash flow securitisation collateralized primarily by a portfolio of bank loans originated by Caja de Ahorros del Mediterráneo (“CAM”), currently owned by Banco Sabadell S.A., to Spanish enterprises, small and medium-sized enterprises (“SMEs”). The ratings on the Series A1, Series A2(CA) and Series A3 Notes address the timely payments of interest and ultimate payments of principal on or before the Final Date on 25 August 2061.

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 these ratings include parties involved in the rating, including but not limited to FTPYME TDA CAM 7, F.T.A., Titulización de Activos S.G.F.T., S.A., Banco Sabadell, S.A. and Caja de Ahorros del Mediterráneo, 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: 5 January 2011

Notes:
All figures are in Euros unless otherwise noted.