DBRS Confirms Class A, B, C, and D from AyT Unicaja Financiación I, FTA

DBRS, Inc. (DBRS) has confirmed the Class A, B, C and D notes issued by AyT Unicaja Financiación I, FTA at AAA (sf), ‘A’ (sf), BBB (low) (sf) and BB (low) (sf) respectively. Additionally, DBRS has removed all notes from Under Review with Negative Implications.

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.

• Upon incorporation of the sovereign related stress component, the transaction is performing within DBRS expectations and available credit enhancement for the notes is sufficient to cover DBRS stressed assumptions.

Note:
All figures are in Euros (€) unless otherwise noted.

The principal methodologies applicable are:
• Master European Structured Finance Surveillance Methodology
• European Consumer and Commercial Asset-Backed Securitisations
• Legal Criteria for European Structured Finance Transactions
• Swap Criteria For European Structured Finance Transactions
• Operational Risk Assessment for European Structured Finance Servicers
• Unified Interest Rate Model Methodology for European Securitisations

These can be found on dbrs.com under Methodologies. 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”.

The sources of information used for this rating include performance data relating to the receivables provided by Unicaja Banco, S.A. DBRS considers the information available to it for the purposes of providing this rating confirmation was of satisfactory quality.

For additional information on this rating, please see the linking document.

This credit rating has been issued outside the European Union (EU) and may be used for regulatory purposes by financial institutions in the EU.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst – Lain Gutierrez
Rating Committee Chair – Chuck Weilamann
Initial Rating Date: April 6, 2011
Most Recent Rating Update: May 25, 2012