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Rating Action:

MOODY'S ASSIGNS RATINGS TO 4 CLASSES OF RURAL HIPOTECARIO VII, FONDO DE TITULIZACION DE ACTIVOS

06 May 2005
MOODY'S ASSIGNS RATINGS TO 4 CLASSES OF RURAL HIPOTECARIO VII, FONDO DE TITULIZACION DE ACTIVOS

Madrid, May 06, 2005 -- Moody's Investors Service has assigned the following definitive ratings to the debt to be issued by Rural Hipotecario VII, Fondo de Titulización de Activos:

Aaa to the EUR 957.1 million Class A1 notes;

Aaa to the EUR 100 million Class A2 notes;

Aa3 to the EUR 19.2 million Class B notes; and

Baa3 to the EUR 23.7 million Class C notes;

The ratings address the expected loss posed to investors by the legal final maturity.

This transaction marks the Cajas Rural seventh issuance in Spain. As in previous Rural transactions, this deal has been originated with mortgages from small credit rural savings s whose main activities comprise lending to retail business and SME companies. Originally, the Rural group's main activity focused on covering the needs of the agricultural sector. However, the development and the expansion of the financial sector due to the growth of the Spanish economy and low interest rates has facilitated the group to grow beyond its initial client base.

The product being securitised consists of first lien residential mortgage loans granted to individual resident in Spain, who in most cases will use these loans to acquire or refurbish a primary residence.

The transaction consists of four rated classes and a reserve fund. The reserve fund is fully funded by the originators at the closing date.

To hedge the potential mismatch risk derived from the different index reference rates on the assets side and the notes side, the Fondo will enter into a swap agreement with Banco Cooperativo Espanol (A2/P1).

The portfolio comprises 17,994 loans representing a provisional portfolio of Euro 1,10 bn. The collateral backing the note issuance is entirely made up of first property mortgage loans. The loans have a weighted average seasoning of approximately 26.2 months. The current weighted average LTV is 61.84%. No loan LTV is over 100%

All loans are linked to several indices, with a weighted average margin of 83 bps. All of the loans are payable via direct debit and pay through monthly instalments. All the properties on which the mortgage security has been granted are covered by property damage insurance and fire insurance. The pool is concentrated in Andalusia (36.87%), Valencia (21.86%) and Castilla Leon (7.79%).

At the closing date there will be no loans with more than 30 days in arrears.Moody's based its rating on an evaluation of the underlying portfolio of mortgage loans securing the structure, and on the transaction's structural protections which include the reserve fund and any excess spread available to cover losses.

To reserve a copy of Moody's new issue report on this transaction, please contact the Moody's Client Service Desk in London at 44 (0)20 7772 5454 or visit our web site www.moodys.com

Madrid
Juan Pablo Soriano
Managing Director
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Madrid
Sandie Fernandez
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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