DBRS Downgrades and Discontinues the Ratings on the Notes issued by F.T.A. SANTANDER EMPRESAS 9

DBRS Ratings Limited (“DBRS”) has today discontinued the public rating of BB (high) (sf) Under Review with Developing Implications on the Series B Notes and has downgraded to D (sf) from C (sf) Under Review with Developing Implications, and discontinued-withdrawn, the public rating on the Series C Notes, issued by F.T.A. SANTANDER EMPRESAS 9 (the “Issuer”). The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans and credit lines originated by Banco Santander, S.A. to Spanish small and medium-sized enterprises (“SMEs”) and self-employed individuals.

The rating action reflects:
a) The payment in full of the Series B Notes as of 16 December 2013. The remaining balance of the Series B Notes prior to the final repayment was EUR 1,095,469,461.45.
b) The failure to pay ultimate interest and principal of the Series C Notes. After repayment of the Series B Notes the remaining proceeds accounted for only 92.2% of the outstanding balance of the Series C Notes (EUR 986,717,359.97 out of EUR 1,070,000,000).

Rating of the Series C Notes was initially assigned on August 9, 2011. Please refer to www.dbrs.com for more information on this rating.

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 the rating include parties involved in the rating, including but not limited to F.T.A. SANTANDER EMPRESAS 9 and the Gestora, Santander de 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As this is a discontinued/withdrawn rating action, sensitivity analysis is not applicable.

The previous rating action on this transaction took place on 16 October 2013, when the rating of the Series B and Series C 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: 5 April 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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United Kingdom

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)”