DBRS Confirms the Ratings on the Notes Issued by FTA PYMES SANTANDER 3 and Removes from UR-Negative

DBRS Ratings Limited (“DBRS”) has today confirmed the ratings on the Notes issued by FTA PYMES SANTANDER 3 (the “Issuer”) and has removed the Notes from Under Review with Negative Implications:

• EUR 1,161,032,389 Series A Notes: AA (sf)
• EUR 266,900,000 Series B Notes: BB (sf)
• EUR 314,000,000 Series C Notes: C (sf)

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Santander, S.A. (“Banco Santander”) to self-employed individuals and small and medium sized enterprises (“SMEs”) based in Spain. The rating on the Series A Notes addresses the timely payment of interest on each payment date and the ultimate payment of principal on or before the Final Maturity Date on 15 January 2045. The rating on the Series B and Series C Notes address the ultimate payment of interest and principal on or before the Final Date on 15 January 2045.

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

The rating actions reflect 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.

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 FTA PYMES SANTANDER 3, Santander de Titulización, S.G.F.T., S.A. and Banco Santander, 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: Carlos Silva
Rating Committee Chair: Glen Leppert
Initial Rating Date: 19 July 2012

Notes:
All figures are in Euros unless otherwise noted.