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Announcement:

Moody's: No rating impact on notes issued by TDA CAM 1, FTA, TDA CAM 2, FTA, TDA CAM 3, FTA and TDA CAM 6, FTA following swap amendments

13 Sep 2013

Madrid, September 13, 2013 -- Moody's has announced today that the proposed action of Titulización de Activos S.G.F.T. acting as management company (the "Management Company") to replace CECABANK (Ba3) in its current role as swap counterparty (the "Swap Counterparty") with J.P. Morgan Securities plc (Aa3/P-1) would not, in and of itself and as of this time result in the downgrade or withdrawal of the current ratings of the notes (the "Notes") issued by TDA CAM 1, FTA, TDA CAM 2, FTA, TDA CAM 3, FTA and TDA CAM 6, FTA (the "Issuer"). Moody's opinion addresses only the credit impact associated with the proposed amendment, and Moody's is not expressing any opinion as to whether the amendment has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

Moody's has assessed the proposal from the Management Company to replace CECABANK (Ba3) with J.P. Morgan Securities plc (Aa3/P-1) as swap counterparty (the "Swap Counterparty") in the deals. The amendments do not modify the main economic terms of the swaps. Moody's has made this determination based on, among other things, the degree of compliance with the Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions published in October 2010, along with the current rating of J.P. Morgan Securities plc and the current ratings of the Notes.

The principal methodology used in these ratings was Moody's Approach to Rating RMBS Using the MILAN Framework, published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

On 18 July 2013, Moody's released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for its "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions". If the revised rating implementation guidance is implemented as proposed, the rating on the Notes should not be negatively affected. Please refer to Moody's Request for Comment, entitled "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions" for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Moody's will continue to monitor the ratings. Any change to the ratings will be publicly disseminated by Moody's through appropriate media.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Maria Turbica Manrique
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Neal Shah
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Antonio Tena
Asst Vice President - Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: No rating impact on notes issued by TDA CAM 1, FTA, TDA CAM 2, FTA, TDA CAM 3, FTA and TDA CAM 6, FTA following swap amendments
No Related Data.