July 16, 2012 / 2:58 PM / 5 years ago

TEXT-Fitch puts 212 Spanish SF tranches on watch negative

Link to Fitch Ratings' Report: Fitch Places 212 Spanish SF Tranches on RWNJuly 16 - Fitch Ratings has placed 212 tranches and maintained 48 tranches
related to 115 Spanish structured finance (SF) transactions on Rating Watch
Negative (RWN). A full list of rating actions is available at
www.fitchratings.com or by clicking on the link above.

The rating actions reflect the transactions' exposure to Banco Santander
('BBB+'/Negative/'F2'), Banco Bilbao Vizcaya ('BBB+'/Negative/'F2'), Instituto
de Credito Oficial ('BBB'/Negative/'F2'), Confederacion Espanola de Cajas de
Ahorros ('BBB'/Negative/'F3'), Banco Espanol de Credito ('BBB+'/Negative/'F2'),
Santander Consumer Finance ('BBB+'/Negative/'F2'), CaixaBank
('BBB'/Negative/'F2'), Kutxabank ('BBB'/Negative/'F3'), Unicaja Banco
('BBB-'/RWN/'F3') and Banco de Sabadell (Sabadell; 'BBB'/RWN/'F3') which
continue to serve as bank account, paying agent and/or swap counterparty.

The remedial actions expected following the downgrades of these entities (see
'Fitch Downgrades Spain's ICO to 'BBB'; Outlook Negative' dated 08 June 2012,
'Fitch Downgrades Santander & BBVA to 'BBB+'/Negative Outlook on Sovereign
Action' dated 11 June 2012, and 'Fitch Takes Rating Actions on Spanish Banks
Following Sovereign Downgrade' dated 12 June 2012 at www.fitchratings.com) have
not been fully implemented by the transaction parties.

In line with the agency's SF counterparty criteria, which indicates a minimum
counterparty rating threshold of 'A-'/'F2' for SF notes rated above 'A+', the
banks are no longer deemed eligible to perform the duties of a direct support
counterparty without appropriate structural features in place that would
mitigate the risk arising from the lower credit quality of the entities.Additional information is available at www.fitchratings.com.

The ratings above were solicited by, or on behalf of, the issuer, and therefore,
Fitch has been compensated for the provision of the ratings.

Sources of information used to assess these ratings were provided by the
following SPV management companies: Titulizacion de Activos SGFT SA, Europea de
Titulizacion SA SGFT, Ahorro y Titulizacion SGFT SA, CX Titulizacion SGFT SA,
InterMoney Titulizacion SGFT SA and GestiCaixa SGFT SA.

Applicable criteria, 'Global Structured Finance Rating Criteria', dated 06 June
2012, and 'Counterparty Criteria for Structured Finance Transactions', dated 30
May 2012 are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Counterparty Criteria for Structured Finance Transactions

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