DBRS Discontinues Ratings on Series A1(G) and Series A2(G) Notes issued by GC FTPYME SABADELL 8, FTA

DBRS Ratings Limited (“DBRS”) has today discontinued the public rating on the Series A1(G) and Series A2(G) Notes issued by GC FTPYME SABADELL 8, FTA (the “Issuer”). The transaction is a cash flow securitisation collateralised primarily by a portfolio of bank loans originated by Banco de Sabadell, S.A. (“Banco Sabadell”) to Spanish enterprises, small and medium-sized enterprises (“SMEs”) and self-employed individuals.

The rating action reflects the payment in full of the Series A1(G) and Series A2(G) Notes as of 20 January 2014. The remaining balance prior to the final repayment of the Series A1(G) Notes was EUR 3,387,575.00 and of the Series A2(G) Notes was EUR 20,081,373.00, both rated at A(high) (sf) Under Review with Developing Implications.

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 GC FTPYME SABADELL 8, FTA, Gesticaixa, S.G.F.T., S.A. and Banco Sabadell, 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.

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 of the 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.

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

Initial Lead Analyst: Carlos Silva
Initial Rating Date: 23 September 2010
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
1 Minster Court, 10th Floor
Mincing Lane
London, EC3R 7AA
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)”