DBRS Confirms the Rating on the Notes Issued by Gamma - STC, S.A. (ATLANTES No. 1) and Removes URNeg

DBRS Ratings Limited (“DBRS”) has today confirmed the rating of AA (high) (sf) on the EUR 137,370,109 Class A Notes (the “Notes”) issued by Gamma Sociedade de Titularização de Créditos, S.A. (the “Issuer”) and has removed them from Under Review with Negative Implications.

The transaction is a cashflow securitisation collateralised by a portfolio of term loans originated by Banif - Banco Internacional do Funchal, S.A. (“Banif”) to Portuguese corporates and small-and medium-sized enterprises (“SMEs”). The portfolio is serviced by Banif.

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 November 30th, 2012 DBRS confirmation of the Republic of Portugal’s Long Term Foreign Currency and Long-Term Local Currency ratings at BBB (low) and assignation of Negative Trend to both ratings (see press release “DBRS Confirms Portugal at BBB (low) with Negative Trend”). This concluded the Under Review with Negative Implications for all ratings.

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 GAMMA - Sociedade de Titularização de Créditos, S.A. and Banif - Banco Internacional do Funchal, 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: 21 April 2011

Notes:
All figures are in Euros unless otherwise noted.