DBRS Discontinues the Ratings on GC Sabadell Empresas 2, Class A2 and GC Sabadell Empresas 4, Class A

DBRS Ratings Limited (DBRS) has discontinued the rating on:

• Class A2 Notes issued GC Sabadell Empresas 2
• Class A Notes issued GC Sabadell Empresas 4
  Due to repayment of the notes on 17th and 16th of December 2013, respectively. GC Sabadell Empresas 2 Class A2 Notes was previously rated ‘A (high)’ (sf) and GC Sabadell Empresas 4 Class A Notes was previously rated ‘AAA’ (sf) and they are now Discontinued.

Notes:
All figures are in Euros unless otherwise noted.
The principal methodology applicable is:
Master European Structured Finance Surveillance Methodology

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

The sources of information used for this rating include reports provided by GestiCaixa SGFT, SA.

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

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.

The last rating action on Sabadell Empresas 2 took place on 3 December 2012, when DBRS confirmed Rating to Class A2 Notes at ‘A (high)’ (sf) and on 10 January 2013 on GC Sabadell Empresas 4 when DBRS upgraded Rating to Class A at ‘AAA’ (sf).

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

For further information on DBRS 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.

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

Initial Lead Analyst: Alessio Pignataro
Initial Rating Date: 5 December 2011
Initial Rating Committee Chair: Claire Mezzanotte

Last Rating Date:
GC Sabadell Empresas 2: 3 December 2012
GC Sabadell Empresas 4: 10 January 2013

Lead Surveillance Analyst: Dylan Cissou
Rating Committee Chair: Chuck Weilamann

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