Moody's upgrades 2 notes and confirms 4 notes in 2 Spanish SME ABS backed by Banco Sabadell-Originated Loans

Frankfurt am Main, May 03, 2013 -- Moody's Investors Service has today upgraded the Class B notes in IM Sabadell Empresas 1, FTA (Sabadell 1) and the class C notes in IM Sabadell Empresas 3, FTA (Sabadell 3). At the same time, the rating agency confirmed the rating of the Class A2 and C notes in Sabadell 1 and the Class A and B notes in Sabadell 3. Sabadell 1 and Sabadell 3 are Spanish asset-backed securities transactions backed by loans to small and medium-sized enterprises (SME ABS) originated by Banco Sabadell (Ba1). Sufficient levels of credit enhancement, which protect against sovereign and counterparty risk, primarily drove the rating actions. Today's rating actions conclude the review for downgrade initiated by Moody's on 02 July 2012.

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