DBRS Downgrades Rating on the Notes Issued by FONCAIXA EMPRESAS 3, FTA and removes from UR-Negative

DBRS Ratings Limited (“DBRS”) has today downgraded from AAA (sf) to A (high) (sf) the rating on the EUR 698,213,518 Series A2 Notes (the “Notes”) issued by FONCAIXA EMPRESAS 3, FTA (the “Issuer”), and has removed the Notes from Under Review with Negative Implications.

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Caixabank, S.A. (“Caixabank”) to Spanish enterprises and small and medium-sized enterprises (“SMEs”). The rating on the Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 25 October 2048.

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.

• Caixabank acts as the bank account provider and swap counterparty in this transaction. Following the downgrade of Spain, DBRS lowered the private rating (internal assessment) on Caixabank to below the level required by our current criteria (see “Legal Criteria for European Structured Finance Transactions” and “Swap 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 A2 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 the rating include parties involved in the rating, including but not limited to FONCAIXA EMPRESAS 3, FTA, Gesticaixa, S.G.F.T., S.A. and Caixabank, 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: 25 March 2011
Most Recent Rating Date: 20 June 2012

Notes:
All figures are in Euros unless otherwise noted.