DBRS Discontinues Rating on the Series B Notes issued by IM FTPYME Sabadell 9, F.T.A.

DBRS Ratings Limited (DBRS) has today discontinued its rating on the Series B Notes issued by IM FTPYME Sabadell 9, 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 large corporations and small and medium-sized enterprises (SMEs).

The rating action reflects the payment in full of the Series B Notes as of the last payment date, 17 April 2015.

The remaining balance of the Series B Notes before the payment in full was €539,641,540.50 and the rating was B (high) (sf), Under Review with Positive 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) (December 2014), which can be found on the DBRS website under Methodologies. Other methodologies and criteria referenced in this transaction are listed at the end of this press release.

The sources of information used for this rating include the parties involved in the rating, including but not limited to the Originator, the Issuer and their agents.

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

As this is a Discontinued – Repaid rating action, sensitivity analysis is not applicable.

The previous rating action on this transaction took place on 7 April 2015, when the ratings of the Series B Notes were placed Under Review with Positive 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 in a central repository see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to European Union regulations only.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Initial Lead Analyst: Carlos Silva
Initial Rating Date: 2 November 2011
Initial Rating Committee Chair: Jerry van Koolbergen

Last Rating Date: 7 April 2015
Lead Surveillance Analyst: Alfonso Candelas

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 (December 2014)
Rating CLOs Backed by Loans to European Small and Medium-Sized Enterprises (SMEs) (December 2014)
Rating Methodology for CLOs and CDOs of Large Corporate Credit (January 2014)
Cash Flow Assumptions for Corporate Credit Securitizations (January 2014)
Operational Risk Assessment for European Structured Finance Servicers (January 2015)
Unified Interest Rate Model for U.S. and European Structured Credit (January 2013)
Master European Residential Mortgage-Backed Securities Rating Methodology and Jurisdictional Addenda (March 2014)