DBRS Discontinues the Ratings on MBSCAT 2, FTA

DBRS has today discontinued the ratings on the Series A Bonds issued by MBSCAT 2, Fondo de Titulización de Activos due to repayment of the Series A Bonds on 20 June 2014. The Series A Bonds, previously rated A (high) (sf) by DBRS, are now Discontinued-Repaid.

Notes:
All figures are in Euro unless otherwise noted.
The principal methodology applicable is the 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 payment reports provided by Gestión de Activos Titulizados SGFT, S.A. 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 this transaction took place on 9 September 2013, when DBRS downgraded the ratings on the Series A Bonds to A (high) (sf) from 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: Keith Gorman
Initial Rating Date: 22 August 2011
Initial Rating Committee Chair: Claire Mezzanotte

Lead Surveillance Analyst: Elisa Scalco
Rating Committee Chair: Claire Mezzanotte

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