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June 20 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has downgraded FTA Santander Consumer Spain Auto 07-1’s class D notes to ‘Dsf’ from ‘CCsf’ and subsequently withdrawn the rating. The remaining notes have paid in full (PIF).
FTA Santander 2007-1 was called on 20 March 2013 using proceeds from the sale of the portfolio. The rating actions reflect the final distribution of the portfolio sale proceeds to noteholders.
As a result of the portfolio sale, the class A, B and C notes have been PIF as they received all interest and principal that was owed to them upon the redemption. The uncollateralised class D notes were paid off up to EUR20.8m (EUR19.2m loss) using the remaining proceeds from the depleted reserve fund.