DBRS Confirms the Ratings on the Notes Issued by Empresas Banesto 5, FTA and Removes UR-Negative

DBRS Ratings Limited (“DBRS”) has today confirmed the ratings on the Notes issued by Empresas Banesto 5, FTA (the “Issuer”) and has removed the Notes from Under Review with Negative Implications:

• EUR 469,167,686 Series A Notes: AAA (sf)
• EUR 96,000,000 Series B Notes: AA (low) (sf)
• EUR 160,000,000 Series C Notes: BBB (low) (sf)

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco Español de Crédito, S.A. (“Banesto”) to Spanish enterprises, small and medium-sized enterprises (“SMEs”) and self-employed individuals. The rating on the Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 14 December 2052.

The principal methodology is Master European Granular 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 Empresas Banesto 5, FTA, Santander de Titulización, S.G.F.T., S.A. and Banesto. 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: 13 September 2010

Notes:
All figures are in Euros unless otherwise noted.