DBRS Discontinues Ratings on the Series A1, A2(CA) and A3 Notes Issued by FTPYME TDA CAM 7, F.T.A.

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Series A1, Series A2(CA) and Series A3 notes (Series A Notes) issued by FTPYME TDA CAM 7, F.T.A. (the Issuer).

This rating action reflects the payment in full of the Series A Notes on 27 February 2017, following the unwinding of the transaction.

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

-- EUR 56,548,734.55 Series A1 notes at AA (sf).
-- EUR 53,779,092.00 Series A2(CA) notes at AA (sf).
-- EUR 39,068,928.60 Series A3 notes at AA (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the rating is “Rating CLOs Backed by Loans to European SMEs”.

In DBRS’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bonds have been repaid in full.

Other methodologies referenced in this transaction are listed at the end of this press release.

These 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 commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” found at:
http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of data and information used for this rating include payment reports and information provided by Titulización de Activos, SGFT, S.A.

DBRS did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial rating, DBRS was not supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place on 1 August 2016, when DBRS confirmed the ratings on the Series A Notes at AA (sf).

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

DBRS Ratings Limited (DBRS) has today discontinued its ratings on the Series A1, Series A2(CA) and Series A3 notes (Series A Notes) issued by FTPYME TDA CAM 7, F.T.A. (the Issuer).

This rating action reflects the payment in full of the Series A Notes on 27 February 2017, following the unwinding of the transaction.

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

-- EUR 56,548,734.55 Series A1 notes at AA (sf).
-- EUR 53,779,092.00 Series A2(CA) notes at AA (sf).
-- EUR 39,068,928.60 Series A3 notes at AA (sf).

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable to the rating is “Rating CLOs Backed by Loans to European SMEs”.

In DBRS’s opinion, a discontinued-repaid rating action does not warrant the application of the entire principal methodology, as the bonds have been repaid in full.

Other methodologies referenced in this transaction are listed at the end of this press release.

These 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 commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area” found at:
http://www.dbrs.com/industries/bucket/id/10036/name/commentaries/.

The sources of data and information used for this rating include payment reports and information provided by Titulización de Activos, SGFT, S.A.

DBRS did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial rating, DBRS was not supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS considers the data and information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating action on this transaction took place on 1 August 2016, when DBRS confirmed the ratings on the Series A Notes at AA (sf).

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

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

For further information on DBRS historical default rates published by the European Securities and Markets Authority (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.

Lead Surveillance Analyst: Alfonso Candelas, Vice President
Initial Rating Date: 13 June 2011

DBRS Ratings Limited
20 Fenchurch Street, 31st Floor, London EC3M 3BY 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
-- Derivative Criteria for European Structured Finance Transactions
-- Master European Structured Finance Surveillance Methodology
-- Rating CLOs Backed by Loans to European 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.