DBRS Confirms Ratings on the Notes issued by PYMECAT 3 FTPYME, FTA and Removes UR-Developing

DBRS Ratings Limited (“DBRS”) has today confirmed and removed from Under Review with Developing Implications status the following Notes (the “Notes”) issued by PYMECAT 3 FTPYME, FTA (the “Issuer”):

• EUR 15,324,864.00 Series A1(G) Notes: Confirm at AA (high) (sf)
• EUR 3,192,680.00 Series A2 Notes: Confirm at AA (high) (sf)
• EUR 7,004,739.92 Series A3 Notes: Confirm at AA (high) (sf)

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.

While DBRS does not currently maintain a rating on the Bank of Spain, it is our opinion, consistent with our Legal Criteria for European Structured Finance Transactions, that it is an institution of sufficient credit quality to comply with the Minimum Institution Rating required to support the current rating of the Notes and to fulfill its payment obligations as Account Bank.

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology is Master European Granular Securitisations (SME CLOs), which can be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies.

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.

The last rating action on this transaction took place on 10 June 2013, when the Under Review with Negative Implications status of the Notes was extended.

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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

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

Previous Rating Date: 10 June 2013

Surveillance Lead Analyst: Alfonso Candelas
Rating Committee Chair: Simon Ross

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The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.

Legal Criteria for European Structured Finance Transactions
Derivative Criteria for European Structured Finance Transactions
Unified Interest Rate Model for U.S. and European Structured Credit
Cash Flow Assumptions for Corporate Credit Securitisations
Master European Structured Finance Surveillance Methodology