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Rating Action:

Moody's downgrades multiple Spanish covered bonds

25 Mar 2011

Madrid, March 25, 2011 -- Moody's Investors Service has today taken the following rating actions on Spanish covered bonds, following Moody's downgrade of the various issuers' senior unsecured ratings:

(i) Downgraded the ratings of thirteen mortgage covered bond programmes (C?dulas Hipotecarias or CHs); of these, four ratings will also remain under review for possible downgrade.

(ii) Maintained the review for possible downgrade on the ratings of two CHs.

(iii) Downgraded the ratings of five public-sector covered bond programmes (C?dulas Territoriales or CTs); of these, three ratings will also remain under review for possible downgrade.

(iv) Maintained the review for possible downgrade on the rating of one CT.

(v) Confirmed the ratings of one CH.

Today's rating actions conclude the review for possible downgrade, which Moody's initiated on 21 December 2010. A full list of the affected ratings can be found at the end of this press release.

RATINGS RATIONALE

Today's rating actions on the covered bonds were prompted by the downgrade of the banks supporting the covered bond programmes. The rating downgrades of the senior unsecured ratings of the covered bond issuers follow the downgrade on 10 March 2011 of the debt rating of the Kingdom of Spain to Aa2 (negative outlook) and also reflects Moody's reassessment of the extraordinary level of systemic support -- of up to five notches -- that had been embedded in many Spanish banks' ratings, limiting support to more normalised levels.

For further information on the rating actions taken by Moody's Financial Institutions Group and Sovereign Group, please refer to "Moody's takes rating actions on Spanish banks after Spain's downgrade to Aa2" published on 24 March and "Moody's downgrades Spain's rating to Aa2 with a negative outlook", published on 10 March 2011.

A number of covered bond programmes remain on review for possible downgrade. In all these cases, the review is due to the ongoing review of the senior unsecured ratings of the banks backing the affected covered bond programmes.

The downgrade of the bank ratings negatively affected the covered bonds through their impact on both the TPI analysis and the expected loss analysis.

TIMELY PAYMENT INDICATORS

The primary driver of the covered bond rating actions has been the impact that the senior unsecured issuer downgrades have had under Moody's TPI framework. The TPI framework limits how much a covered bond rating can exceed the issuer's senior unsecured rating. Following the downgrade of the issuers -- and based on their current TPIs -- the covered bond ratings have been lowered to the highest achievable level under the TPI framework. The published TPIs currently assigned to the affected CH and CT programmes are "Probable" and "Probable-High", respectively.

EXPECTED LOSS ANALYSIS

Under Moody's rating methodology, an issuer's credit strength is incorporated into Moody's expected loss analysis. Therefore, any downgrade of the issuer's ratings increases the expected loss on the covered

bonds. However, given the level of collateral already in the current programmes, none of the current rating actions have been driven by Moody's expected loss analysis.

RATING METHODOLOGY

The principal methodologies used in rating these transactions were Moody's Rating Approach to Covered Bonds, published in March 2010, and Assessing Swaps as Hedges in the Covered Bond Market, published in September 2008.

The rating assigned by Moody's addresses the expected loss posed to investors. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield and to investors.

The following ratings have been placed on review for possible downgrade (excel link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF240764):

LIST OF AFFECTED CHs AND CTs

-1) Bilbao Bizkaia Kutxa , mortgage covered bonds: Downgraded to A1; previously on January 05, 2011 downgraded to Aa1 on review for possible downgrade.

-2) Banco de Castilla-la Mancha (CCM) , public sector covered bonds: Aa3 maintained on review for possible downgrade; previously on December 21, 2010 Aa3 placed on review for possible downgrade.

-3) CajaSur , mortgage covered bonds: A1 maintained on review for possible downgrade; previously on December 21, 2010 A1 placed on review for possible downgrade.

-4) Caja Madrid , mortgage covered bonds: Downgraded to Aa1 on review for further possible downgrade; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-5) Caja Madrid , public sector covered bonds: Downgraded to Aa1 on review for further possible downgrade; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-6) Banca March, S.A. , mortgage covered bonds: Downgraded to Aa1; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-7) Banco Sabadell , mortgage covered bonds: Confirmed to Aaa; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-8) Ibercaja , mortgage covered bonds: Downgraded to Aa1; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-9) Santander Consumer Finance , mortgage covered bonds: Downgraded to Aa1; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-10) Bancaja , mortgage covered bonds: Downgraded to Aa1 on review for further possible downgrade; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-11) Banco Pastor, S.A. , mortgage covered bonds: Downgraded to Baa1; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-12) CatalunyaCaixa , mortgage covered bonds: Downgraded to Baa1; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-13) CatalunyaCaixa , public sector covered bonds: Downgraded to A3; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-14) Caja de Ahorros del Mediterraneo (CAM) , mortgage covered bonds: Downgraded to Aa2 on review for further possible downgrade; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-15) Caja de Ahorros del Mediterr?neo (CAM) , public sector covered bonds: Downgraded to Aa2 on review for further possible downgrade; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-16) Cajamar , mortgage covered bonds: Downgraded to A1; previously on December 21, 2010 Aaa placed on review for possible downgrade.

-17) Caja de Ahorros de Galicia, Vigo, O. y P. , mortgage covered bonds: Downgraded to A1; previously on December 21, 2010 Aa1 placed on review for possible downgrade.

-18) Caja de Ahorros de Galicia, Vigo, O. y P. , public sector covered bonds: Downgraded to Aa3; previously on December 21, 2010 Aa1 placed on review for possible downgrade.

-19) Caja Espa?a De Inversiones, Salamanca y Soria , mortgage covered bonds: Downgraded to A1; previously on December 21, 2010 Aa1 placed on review for possible downgrade.

-20) Caja Insular de Ahorros de Canarias , mortgage covered bonds: Aa1 maintained on review for possible downgrade; previously on December 21, 2010 Aa1 placed on review for possible downgrade.

-21) Caja General de Ahorros de Canarias , public sector covered bonds: Downgraded to Aa3 on review for further possible downgrade; previously on May 20, 2009 Aaa placed on review for possible downgrade.

-22) Caja Municipal de Burgos , mortgage covered bonds: Downgraded to A1 on review for further possible downgrade; previously on June 16, 2009 Aa1 placed on review for possible downgrade.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Madrid
Jose de Leon
Senior Vice President
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

Moody's Investors Service Espana, S.A.
Barbara de Braganza, 2
Madrid 28004
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades multiple Spanish covered bonds
No Related Data.
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