DBRS Confirms the Ratings on the Notes Issued by Empresas Banesto 6, FTA and Removes UR-Negative

DBRS Ratings Limited (“DBRS”) has today confirmed the ratings on the Notes issued by Empresas Banesto 6, F.T.A. (the “Issuer”) and has removed the Notes from Under Review with Negative Implications:

• EUR 565,980,651.50 Series A Notes: AAA (sf)
• EUR 165,000,000 Series B Notes: BBB (low) (sf)
• EUR 264,000,000 Series C Notes: C (sf)

The transaction is a cash flow securitisation collateralized primarily by a portfolio of bank loans originated by Banco Espanol de Crédito, S.A. (“Banesto”) to large corporations and small-and medium-sized enterprises (“SMEs”) domiciled in Spain. The rating of the Series A Notes addresses the timely payment of interest and the payment of principal on or before the Legal Final Maturity Date of 17 September 2033. The ratings of the Series B and Series C Notes address the ultimate payment of interest and the payment of principal on or before the Legal Final Maturity Date.

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 these ratings include parties involved in the rating, including but not limited to Empresas Banesto 6, F.T.A., 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: Carlos Silva
Rating Committee Chair: Glen Leppert
Initial Rating Date: 25 October 2011

Notes:
All figures are in Euros unless otherwise noted.