DBRS Discontinues the Rating on the Notes issued by IM SABADELL EMPRESAS 3, F.T.A.

DBRS Ratings Limited (“DBRS”) has today discontinued the public rating of A (high) (sf), UR-Dev. on the remaining EUR 172,900,540.98 Series A Notes issued by IM SABADELL EMPRESAS 3, F.T.A. (the “Issuer”). The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. to Spanish enterprises, small and medium-sized enterprises (“SMEs”) and self-employed individuals.

The rating action reflects payment in full of the Series A Notes as of 17 October 2013 (the last payment date).

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology applicable is “Rating CLOs Backed by Loans to European Small and Medium Sized Enterprises (SMEs)”. Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

This can be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies

The sources of information used for these ratings include the parties involved in the rating, including but not limited to the Issuer, Banco Sabadell and Intermoney Titulización, SGFT SA.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

DBRS considers the information made available to it for the purposes of providing this rating to have been of satisfactory quality.

As this is a discontinued-repaid rating action, sensitivity analysis is not applicable.

The previous rating action on this transaction took place on 16 October 2013, when the rating on the Series A Notes was placed Under Review with Developing Implications.

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

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 Rating Date: 31 March 2011
Initial Rating Committee Chair: Jerry Van Koolbergen

Most Recent Rating Update: 16 October 2013
Lead Surveillance Analyst: Alfonso Candelas
Rating Committee Chair: Jerry Van Koolbergen

DBRS Ratings Limited
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Registered in England and Wales: No. 7139960

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”
“Master European Structured Finance Surveillance Methodology”
“Rating CLOs Backed by Loans to European Small and Medium Sized Enterprises (SMEs)”