DBRS Extends the Under Review with Developing Implications on the Notes of GC FTPYME SABADELL 8, FTA

DBRS Ratings Limited (“DBRS”) has today extended the Under Review with Developing Implications situation on the rating of the Notes (the “Notes”) issued by GC FTPYME SABADELL 8, FTA (the “Issuer”):

• EUR 39,522,650 Series A1(G) Notes: A (high) (sf) – UR – Dev. Extended
• EUR 74,284,002 Series A2(G) Notes: A (high) (sf) – UR – Dev. Extended
• EUR 160,000,000 Series A3 Notes: A (high) (sf) – UR – Dev. Extended
• EUR 200,000,000 Series B Notes: BB (high) (sf) – UR – Dev. Extended

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 DBRS ratings on the Series A1(G) Notes, the Series A2(G) Notes and the Series A3 Notes address the timely payment of interest and ultimate payment of principal on or before the Final Date on 30 June 2039. The DBRS rating on the Series B Notes addresses the ultimate payment of interest and principal on or before the Final Date.

The principal methodology is Master European Granular Securitisations (SME CLOs), which can be found on www.dbrs.com.

DBRS has today extended its review of GC FTPYME SABADELL 8, FTA. pending completion of our rating assessment of the Bank of Spain. For more information about when the ratings were placed Under Review with Developing Implications please refer to: DBRS Places the Ratings on the Notes of GC FTPYME SABADELL 8, FTA Under Review with Developing Implications

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.

For additional information on DBRS European SME CLOs, please see European Disclosure Requirements, located at http://www.dbrs.com/research/235269.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.
Initial Lead Analyst: Carlos Silva
Initial Rating Date: 23 September 2010
Rating Committee Chair: Jerry van Koolbergen

Surveillance Lead Analyst: Alfonso Candelas
Most Recent Rating Update: 1 February 2013
Rating Committee Chair: Simon Ross

Notes:
All figures are in Euros unless otherwise noted.