DBRS Extends the Under Review with Developing Implications on the Notes of PYMECAT 3 FTPYME, FTA

DBRS Ratings Limited (“DBRS”) has today extended the Under Review with Developing Implications situation on the rating of the Notes (the “Notes”) issued by PYMECAT 3 FTPYME, FTA (the “Issuer”):

• EUR 21,924,336 Series A1(G) Notes: AA (high) (sf) – UR – Dev. Extended
• EUR 4,567,570 Series A2 Notes: AA (high) (sf) – UR – Dev. Extended
• EUR 10,021,249 Series A3 Notes: AA (high) (sf) – UR – Dev. Extended

The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Catalunya Banc, S.A. (“Catalunya Banc”) 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 Notes and the Series A3 Notes address the timely payment of interest and ultimate payment of principal on or before the Final Date on 20 July 2052.

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 PYMECAT 3 FTPYME, FTA. pending completion of our rating assessment of the Bank of Spain. For more information about when the ratings were placed Under Review with Developing Implications please refer to: DBRS Places the Ratings on Notes of PYMECAT 3 FTPYME, FTA Under Review with Developing Implications

The sources of information used for the rating include parties involved in the rating, including but not limited to PYMECAT 3 FTPYME, FTA, Gestión de Activos Titulizados, S.G.F.T., S.A. and Catalunya Banc, 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.

Initial Lead Analyst: Simon Ross
Initial Rating Date: 12 November 2010
Rating Committee Chair: Jerry van Koolbergen

Surveillance Lead Analyst: Alfonso Candelas
Most Recent Rating Update: 14 February 2013
Rating Committee Chair: Simon Ross

Notes:
All figures are in Euros unless otherwise noted.