DBRS Discontinues the Ratings on the Notes issued by UNICAJA AyT EMPRESAS I, F.T.A.

DBRS Ratings Limited (“DBRS”) has today discontinued the public ratings on the Notes issued by UNICAJA AyT EMPRESAS I, F.T.A. (the “Issuer”).

This action reflects the payment in full of the Notes as of 10 July 2013 (the “Effective Date”).

The source of information used for this rating includes a notification from Ahorro y Titulización, S.G.F.T., S.A. regarding the early liquidation of the fund and early amortization of the Notes. DBRS considers the information made available to it for the purposes of providing this rating to have been of satisfactory quality.

The remaining balance and rating of the Notes before the repayment was:

• EUR 76,020,890.05 Series A Notes: A (high) (sf)
• EUR 17,500,000.00 Series B Notes: BBB (high) (sf)
• EUR 18,800,000.00 Series C Notes: BB (high) (sf)

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology is Master European Granular Securitisations (SME CLOs), which can be found on www.dbrs.com under Methodologies or via the following link:
http://www.dbrs.com/research/240236

The previous rating action on this transaction took place on 6 December 2012, when the Notes were downgraded (Series A) and confirmed (Series B and Series C).

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.

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

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

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

Initial Lead Analyst: Simon Ross
Initial Rating Date: 28 December 2011
Rating Committee Chair: Jerry Van Koolbergen

Lead Surveillance Analyst: Alfonso Candelas
Most Recent Rating Update: 6 December 2012
Rating Committee Chair: Jerry Van Koolbergen