DBRS Confirms Ratings on the Notes issued by IM FTPYME SABADELL 9, F.T.A. and removes UR-Developing

DBRS Ratings Limited (“DBRS”) has today confirmed and removed from Under Review with Developing Implications the following Notes (the “Notes”) issued by IM FTPYME SABADELL 9, F.T.A. (the “Issuer”):

• EUR 451,423,570 Series A2 (G) Notes: Confirm at AAA (sf)
• EUR 555,000,000 Series B Notes: Confirm at B (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 large corporations and small and medium-sized enterprises (“SMEs”). The rating on the Series A2 (G) Notes addresses the timely payment of interest and ultimate payment of principal on or before the Final Date on 17 January 2046. The rating on Series B Notes addresses an ultimate payment of interest and principal on or before the Final Date on 17 January 2046.

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 IM FTPYME SABADELL 9, 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.

The last rating action on this transaction took place on 3 April 2013, when the Notes were removed from Under Review with Negative Implications and placed Under Review with Developing Implications.

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: Carlos Silva
Initial Final Rating Date: 2 November 2011
Rating Committee Chair: Jerry Van Koolbergen

Previous Rating Date: 3 April 2013

Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Jerry Van Koolbergen

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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