Fitch Assigns IM FTGENCAT Sabadell II FTA's CDO Notes.

LONDON -- Fitch Ratings has today assigned expected ratings to IM FTGENCAT Sabadell II, Fondo de Titulizacion de Activos' notes totalling EUR600 million due in November 2028 as follows:

--EUR202.8m Series A(S): 'AAA';

--EUR217.7m Series A(G): 'AAA';

--EUR19.8m Series B: 'A';

--EUR5.7m Series C: 'BBB';

The final ratings are contingent upon receipt of final documents conforming to the information already received. The expected ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the class B and C notes, as well as the repayment of principal by legal final maturity for each note.

The Autonomous Community of Catalonia (Generalitat de Catalunya; rated 'AA-/F1+') guarantees ultimate payment of interest and principal on the class A (G) notes. However, the Class A (G) notes benefit from 'AAA' credit enhancement levels. Hence their 'AAA' rating is not reliant on the guarantee and is therefore de-linked from the credit quality of the Generalitat de Catalunya.

The issuer will be legally represented and managed by InterMoney Titulizacion S.G.F.T., S.A. (the Sociedad Gestora), a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitisation funds. The expected ratings are based on the quality of the collateral, available credit enhancement, the financial structure of the deal, the underwriting and servicing of the collateral and the Sociedad Gestora's administrative capabilities.

This is the second transaction of this kind brought to the market by Sabadell (rated 'A+/F1') in which the collateral is made of real estate and other financial leases granted by Sabadell to its existing small and medium-sized Spanish enterprises customers. It shares identical structural features to its predecessor, such as the payment waterfall and the hedge agreement that guarantees a stable excess spread over the life of the transaction. A new issue report for the previous transaction is available at www.fitchratings.com entitled 'GC FTGENCAT Sabadell 1, FTA'. The transaction has a revolving period, which will end in January 2009. Purchases of additional collateral will be made on a semi-annual basis in line with eligibility criteria to ensure that the characteristics and quality of the portfolio remain similar. More details on the fund's structure, counterparties involved and functioning are presented in the pre-sale report, available on the agency's website at www.fitchratings.com under Pre-Sale Reports.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.