DBRS Extends its Review on the Notes Issued by MBSCAT 1, FTA

DBRS Ratings Limited (DBRS) has extended the Under Review with Developing Implications on the Class A Notes issued by MBSCAT 1, FTA. The current rating of the Notes is ‘A’ (sf).

The Notes were previously placed Under Review with Developing Implications following DBRS being informed that the Treasury Account had been moved from Banco Santander SA to the Bank of Spain. DBRS has extended its review of MBSCAT 1 pending completion of our rating assessment of the Bank of Spain.

Notes:
The principal methodologies applicable are:
• Master European Residential Mortgage-Backed Securities Rating Methodology
• Legal Criteria for European Structured Finance Transactions
• Derivative Criteria for European structured Finance Transactions
• Unified Interest Rate Model Methodology for European Securitisations
• Master European Structured Finance Surveillance Methodology

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 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 this rating, please see the linking document located at http://dbrs.com/research/254953/linking-document-mbscat-1-fondo-de-titulizaci-n-de-activos.pdf

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Initial Lead Analyst: Keith Gorman
Initial Rating Date: 11 February 2011
Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Keith Gorman
Most Recent Rating Date: 19 February 2013
Rating Committee Chair: Erin Stafford