DBRS Downgrades Rating on the Notes Issued by IM Caja Laboral Empresas 1 FTA and removes UR-Negative

DBRS Ratings Limited (“DBRS”) has today downgraded from AAA (sf) to A (high) (sf) the rating on the EUR 198,890,575 Series A Notes (the “Notes”) issued by IM Caja Laboral Empresas 1, F.T.A. (the “Issuer”), and has removed the Notes from Under Review with Negative Implications.

The transaction is a cash flow securitisation collateralized primarily by a portfolio of bank loans originated by Caja Laboral Popular Cooperativa de Crédito (“Caja Laboral”) to Spanish enterprises, small-and medium-sized enterprises (“SMEs”) and self-employed individuals. The rating of the Series A Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date of 20 May 2051.

The principal methodology is Master European Granular 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.

• Banco Popular acts as the bank account provider and paying agent in this transaction. Following the downgrade of Spain, DBRS lowered the public rating on Banco Popular to A (low) / R-1 (low) Negative Trend, below the level required by our current criteria (see “Legal Criteria for European Structured Finance Transactions”). No remedial action has been taken as specified in the criteria, and therefore DBRS has downgraded the rating of the Series A Notes.

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 this rating include parties involved in the rating, including but not limited to IM Caja Laboral Empresas 1, FTA, InterMoney Titulización S.G.F.T., S.A., Banco Popular and Caja Laboral Popular Cooperativa de Crédito. 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: 20 May 2011

Notes:
All figures are in Euros unless otherwise noted.