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Rating Action:

Moody's downgrades several Spanish ABS notes supported by Generalitat de Valencia

23 Dec 2009

Approximately EUR 0.7 billion of rated securities affected

Madrid, December 23, 2009 -- Moody's Investors Service announced today that it has downgraded the ratings of:

- all notes issued by Universities of Valencia (Universidad de Valencia, Universidad de Alicante, Universidad Jaume 1 de Castellón and Universidad Politécnica de Valencia).

- all notes issued by CACSA.

- all notes issued by Feria Valencia.

Last rating action date for Universities of Valencia and CACSA was 19 June 2008, following the downgrade of MBIA Insurer Corporation, the insurer provider. Last rating action date for Feria Valencia was 10 December 2008, following the downgrade of Financial Security Assurance UK Ltd, the insurer provider. A detailed list of the rating actions is provided at the end of this press release.

Today's rating action was prompted by the downgrade of Generalitat de Valencia's debt rating to Aa3 from Aa2 on 17 December 2009. Generalitat de Valencia supports these transactions as detailed below.

Issuer: UNIVERSITIES OF VALENCIA (UNIVERSIDAD DE VALENCIA, UNIVERSIDAD DE ALICANTE, UNIVERSIDAD JAUME 1 DE CASTELLÓN AND UNIVERSIDAD POLITÉCNICA DE VALENCIA)

The notes are issued by Universities of Valencia. The issuer obtained the authorisation of the Valencia Regional Government (Generalitat de Valencia) in order to finance the construction and remodelling of their existing facilities, this authorisation was given effect through the signing of a bilateral agreement "Convenio" between the Generalitat de Valencia and the universities. Under these agreements, on each bond payment date, the Generalitat will transfer the funds needed to pay the debt of each of the universities. This is a direct obligation for Generalitat de Valencia, reflected in their annual budgets.

In addition, the obligation of the Universites are guaranteed by an insurance policy from MBIA Insurance Corporation (MBIA): if an event covered occurs, MBIA through Bankinter, will pay on time the principal and interest to the bondholders.

Issuer: CACSA

CACSA is a public limited company owned by Generalitat de Valencia. Its main purpose is the construction and operation of a cultural infrastructure project in the city of Valencia consisting of five different operations: L'Hemispheric, the Science Museum, the Opera House ("Palacio de las Artes"), the Oceanic Park and a company involved in the management of services that support the activities of the other four entities.

On February 1999 Generalitat de Valencia and CACSA entered into an agreement "Convenio" for a 50-year term. Pursuant to this agreement Generalitat de Valencia commits to provide CACSA with sufficient resources to pursue its activities, including capital subsidies to maintain it in good standing. Generalitat de Valencia guarantees the Liquidity Facility available in the transaction.

In addition, the obligations of CACSA under both tranches have been guaranteed by MBIA insurance corporation. Series A was fully repaid and its rating withdrawn as of December 2009.

Issuer: FERIA VALENCIA

Feria Valencia is an official non-profit public institution, the oldest organiser of trade fairs in Spain, founded in 1917. Located approximately 5 kilometres from the city centre of Valencia. The main goals of the project are to expand the centre's capacity and parking, build new office buildings, develop and install new technology.

In May 2002 Generalitat de Valencia and Feria Valencia entered into 2 agreements by means of which Generalitat de Valencia provides unconditional support to Feria Valencia to enable it pay principal and interest on its loans and debt issuance. Generalitat de Valencia guarantees the Liquidity Facility available in the transaction.

In addition, Feria Valencia has taken out a policy of insurance with FSA. According to this credit insurance policy, if seven days prior to payment dates there are no enough funds on the liquidity facility, FSA will be notified to pay. Payment will take place on the day prior to the payment date. The guarantee of FSA is irrevocable and unconditional.

In all three deals, the ratings are based on the strength of (1) the Financial Guarantor and (2) Generalitat de Valencia, based on Moody's approach for rating structured finance securities wrapped by financial guarantors.

Following the downgrade of MBIA's debt rating to A2 on 19 June 2008 (and subsequently to Baa1 on 7 November 2008 and to B3 on 18 February 2009) and of FSA's debt to Aa3 on 21 November 2008 and given the support of Generalitat de Valencia in these transactions, ratings on the notes were downgraded to the then current rating of Generalitat Valenciana (Aa2). The notes are today downgraded to the current rating of Generalitat de Valencia (Aa3).

The principal methodologies used in rating and monitoring the transactions were " Rating of Transactions Wrapped by Financial Guarantors: Frequently Asked Questions" December 2007 and "Assigment of Wrapped Ratings when Financial Guarantor falls below Investment Grade" February 2008, which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. Further information on Moody's analysis of this transaction is available on www.moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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

For further information, please refer to www.moodys.com of contact Moody's Client Service Desk on +44-20 7772 5454.

LIST OF DETAILED RATING ACTIONS

Issuer: UNIVERSITIES OF VALENCIA (UNIVERSIDAD DE VALENCIA, UNIVERSIDAD DE ALICANTE, UNIVERSIDAD JAUME 1 DE CASTELLÓN AND UNIVERSIDAD POLITÉCNICA DE VALENCIA)

U. Jaume 1 Notes due on December 2017, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

U. Politécnica Notes due on December 2013, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

U. Politécnica Notes due on December 2022, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

U. Valencia Notes due on December 2013, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

U. Alicante Notes due on December 2017, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

U. Valencia Notes due on December 2022, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

Issuer: CACSA

Class B Notes, Downgraded to Aa3; previously on June 19, 2008 downgraded to Aa2.

Issuer: Feria Valencia

Class A Notes, Downgraded to Aa3; previously on December 10, 2008 downgraded to Aa2.

Class B Notes, Downgraded to Aa3; previously on December 10, 2008 downgraded to Aa2.

Paris
Carole Gintz
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Madrid
Maria Turbica Manrique
Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades several Spanish ABS notes supported by Generalitat de Valencia
No Related Data.
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