DBRS Discontinues Series A and Series B Notes Ratings of Foncaixa PYMES 3, FTA

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Series A and Series B notes issued by Foncaixa PYMES 3, FTA (the Issuer).

The rating action reflects the payment in full of the Series A and Series B notes as of the last payment date, 9 October 2015.

The remaining balance and the ratings of the Series A and Series B notes before the payment in full were:

-- €334,595,496.00 Series A notes at A (sf).
-- €360,000,000.00 Series B notes at BBB (high) (sf)

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).”

In DBRS’s opinion, a discontinued-repaid rating action does not require the application of the entire principal methodology.

Other methodologies referenced in this transaction are listed at the end of this press release. This may be found on www.dbrs.com at: http://www.dbrs.com/about/methodologies.

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to DBRS’s “The Effect of Sovereign Risk on Securitisations in the Euro Area” commentary on: http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of information used for this rating include information provided by GestiCaixa S.G.F.T., S.A.

DBRS does not rely upon third-party due diligence in order to conduct its analysis. DBRS was not supplied with third-party assessments; however, this did not impact the rating analysis.

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 23 April 2015, when the rating of the Series A notes was confirmed at A (sf) and the rating of the Series B notes was upgraded to BBB (high) (sf) from BB (high) (sf), Under Review with Positive Implications.

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

As this is a discontinued-repaid rating action, sensitivity analysis is not applicable.

For further information on DBRS 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 EU regulations only.

Initial Lead Analyst: Carlos Silva
Initial Rating Date: 19 November 2012
Initial Rating Committee Chair: Jerry van Koolbergen

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 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)
-- Operational Risk Assessment for European Structured Finance Servicers

A description of how DBRS analyses structured finance transactions and how the methodologies are collectively applied can be found at: http://www.dbrs.com/research/278375.