DBRS Upgrades the Rating on GC Sabadell Empresas 4

DBRS, Inc. (DBRS) has upgraded the Class A notes to AAA (sf) from ‘A’ (high) (sf) issued by GC Sabadell Empresas 4 in connection with the change in the Account Bank and Paying Agent.

The existing Account Bank and Paying Agent, Banco de Sabadell SA, has been replaced with Banco Santander SA. Banco Santander SA meets the minimum institution rating necessary for the highest rated security to be AAA (sf) in accordance with DBRS’ Legal Criteria for European Structured Finance Transactions. Accordingly, DBRS has upgraded the rating of the Class A notes.

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

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 investor remittance reports and performance data relating to the receivables provided by Banco de Sabadell SA. DBRS considers the information available to it for the purposes of this rating action was of satisfactory quality.

For additional information on this rating, please see 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: Claire Mezzanotte
Initial Rating Date: February 22, 2011
Most Recent Rating Update: December 3, 2012