DBRS Removes the Notes of IM FTGENCAT SABADELL 3 FTA from UR-Negative and Places them UR-Developing

DBRS Ratings Limited (“DBRS”) has today removed the Under Review with Negative Implications on the EUR 53,668,196.01 Series A2(G) Notes (“the Notes”) issued by IM FTGENCAT SABADELL 3, F.T.A. (“the Issuer”), and has placed them on Under Review with Developing Implications. The rating is currently AA (high) (sf).

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. (“Banco de Sabadell”) to Spanish enterprises, small and medium-sized enterprises (“SMEs”), and self-employed individuals. The rating on the Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 18 June 2040.

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

DBRS has today extended its review of IM FTGENCAT SABADELL 3, F.T.A. pending completion of our rating assessment of the Bank of Spain. DBRS 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 IM FTGENCAT SABADELL 3, F.T.A., Intermoney Titulización, S.G.F.T., S.A. and Banco de 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.

Initial Lead Analyst: Simon Ross
Initial Rating Date: 25 February 2011
Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Jerry Van Koolbergen

Notes:
All figures are in Euros unless otherwise noted.