DBRS Places the Ratings on the Notes of GC FTPYME SABADELL 8, FTA Under Review with Developing Implications

DBRS Ratings Limited (“DBRS”) has today placed Under Review with Developing Implications the rating on the Notes (the “Notes”) issued by GC FTPYME SABADELL 8, FTA (the “Issuer”):

• EUR 56,324,000 Series A1(G) Notes: A (high) (sf) – UR - Dev
• EUR 99,486,036 Series A2(G) Notes: A (high) (sf) – UR - Dev
• EUR 160,000,000 Series A3 Notes: A (high) (sf) – UR - Dev
• EUR 200,000,000 Series B Notes: BB (high) (sf) – UR - Dev

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. (“Banco Sabadell”) to Spanish enterprises, small and medium-sized enterprises (“SMEs”) and self-employed individuals. The DBRS ratings on the Series A1(G) Notes, the Series A2(G) Notes and the Series A3 Notes address the timely payment of interest and ultimate payment of principal on or before the Final Date on 30 June 2039. The DBRS rating on the Series B Notes addresses the ultimate payment of interest and principal on or before the Final Date.

The principal methodology is Master European Granular Securitisations (SME CLOs), which can be found on www.dbrs.com.

The rating action reflects that DBRS has been informed that the Collection Account Bank has been moved from Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) to the Bank of Spain. DBRS will undertake a review to determine the impact of this modification and will publish updated rating actions that may either result in an upgrade, confirmation or downgrade.

The sources of information used for the rating include parties involved in the rating, including but not limited to GC FTPYME SABADELL 8, FTA, Gesticaixa, S.G.F.T., S.A. and Banco Sabadell. 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: 22 September 2010

Notes:
All figures are in Euros unless otherwise noted.