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Announcement:

Moody's: Implications of Spain's Government Rating Upgrade on Spanish Structured Finance Transactions

25 Feb 2014

Paris, February 25, 2014 -- On 21st February 2014, Moody's Investors Service upgraded Spain's government bond rating to Baa2 from Baa3 and assigned a positive outlook. Concurrently, Moody's raised Spain's local and foreign currency bond and deposit ceilings to A1 from A3 to reflect improvements in institutional strength and reduced susceptibility to event risk, associated with lower government liquidity and banking sector risks. (https://www.moodys.com/research/Moodys-upgrades-Spains-government-bond-rating-to-Baa2-assigns-positive--PR_292078)

Consequently, the maximum achievable rating for Spanish structured finance rated transactions increased to A1(sf) from A3(sf).

Moody's is assessing the impact of Spain's government bond rating action and the corresponding increase in the local-currency country ceiling on all outstanding Spanish structured finance rated transactions. For this purpose, Moody's also considers (i) the performance of the underlying asset portfolios in line with Moody's collateral assumptions and (ii) the counterparty risks imbedded in the transactions, including servicers, account banks and swap counterparties exposures, in accordance with Moody's methodologies.

Moody's will publish the outcome of its deliberations for affected transactions in the coming weeks.

Mehdi Ababou
Vice President - Senior Analyst
Structured Finance Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Henry Charpentier
MD - EMEA Structured Fin
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Implications of Spain's Government Rating Upgrade on Spanish Structured Finance Transactions
No Related Data.
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