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HIPOCAT 17, FTA
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HIPOCAT 4, FTA
HIPOCAT 5, FTA
HIPOCAT 6, FTA
HIPOCAT 7, FTA
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IM PASTOR 4, FTA
IM Prestamos Fondos Cedulas, FTA
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Madrid Activos Corporativos I Fondo de Titulizacion de Activos
Madrid Activos Corporativos III, F.T.A.
Madrid Activos Corporativos IV, FTA
Madrid Consumo I, FTA
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Madrid Corporate Assets II Limited
Madrid Finance B.V.
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Madrid Residencial I, FTA
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Magellan Mortgages No. 1 plc
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Magellan Mortgages No. 4 plc
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MBS BANCAJA 2, FTA
MBS BANCAJA 3, FTA
MBS BANCAJA 4, FTA
MBS BANCAJA 6, FTA
MBS BANCAJA 7, FTA
MBS BANCAJA 8, FTA
MBSCAT 1, FTA
MBSCAT 2, FTA
MBSCAT 3, FTA
Misthosis Funding Plc
Monte de Pdad. y Caja Gral. de Ah de Badajoz
National Bank of Greece Funding Limited
National Bank of Greece S.A.
Navigator Mortgage Finance No. 1 plc
NBG Finance plc
Nostrum Mortgages 2003-1 PLC
Nostrum Mortgages No.2
Nova Finance No. 4 Limited
Olimpo CLO 2010-1 Limited
Pastor Internacional Debt, S.A. Unipersonal
Pastor International Capital
Pastor International Finance
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PELICAN MORTGAGES NO. 2 PUBLIC LIMITED COMPANY
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Permanent tsb p.l.c.
Phoenix Funding 2 DAC
Phoenix Funding 3 DAC
Phoenix Funding 4 DAC
Piraeus Bank S.A.
Piraeus Group Finance Plc
Popular Capital Europe B.V.
Popular Finance Europe B.V.
Portugal, Government of
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PRAXIS II FINANCE PLC
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PYME BANCAJA 7, FTA
PYME BANCAJA 8, FTA
PYME VALENCIA 1, FTA
PYME VALENCIA 2, FTA
PYMECAT 2 FTPYME, FTA
PYMECAT 3 FTPYME, FTA
Rayo Finance Ireland (No.1) Limited
RIVOLI Pan Europe 1 plc
RURAL HIPOTECARIO GLOBAL I, FTA
RURAL HIPOTECARIO I, FTH
RURAL HIPOTECARIO II, FTH
RURAL HIPOTECARIO III, FTH
RURAL HIPOTECARIO IV, FTH
RURAL HIPOTECARIO IX, FTA
RURAL HIPOTECARIO V, FTA
RURAL HIPOTECARIO VI, FTA
RURAL HIPOTECARIO VII, FTA
RURAL HIPOTECARIO VIII, FTA
RURAL HIPOTECARIO X, FTA
RURAL HIPOTECARIO XI, FTA
RURAL HIPOTECARIO XII, FTA
RURALPYME 1 FTPYME, FTA
RURALPYME 2 FTPYME, FTA
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Sabadell International Capital B.V.
Sabadell International Finance B.V.
Santander Central Hispano International Ltd
Santander Central Hispano Issuances Ltd.
Santander Consumer Finance S.A.
Santander Consumer Spain 07-2, FTA
SANTANDER EMPRESAS 2, FTA
SANTANDER EMPRESAS 3, FTA
SANTANDER EMPRESAS 4, FTA
SANTANDER EMPRESAS 5, FTA
SANTANDER EMPRESAS 6, FTA
Santander Financiacion 3, FTA
Santander Financiacion 4, FTA
Santander International Products PLC
Santander Int'l Debt, S.A. Unipersonal
Santander Issuances S.A. Unipersonal
Santander Securities Services, S.A.
Santander US Debt, S.A. Unipersonal
Serie AYT C.G.H. BBK I, FTA
Serie AYT C.G.H. BBK II, FTA
Serie AYT C.G.H. CAJA ESPAÑA I, FTA
SERIE AyT COLATERALES GLOBAL EMPRESAS CAIXA GALICIA I
Spain, Government of
Synergatis Plc
TDA 11, FTH
TDA 12, FTH
TDA 13 MIXTO, FTA
TDA 14 - MIXTO, FTA
TDA 15 - MIXTO, FTA
TDA 16 - MIXTO, FTA
TDA 17 - MIXTO, FTA
TDA 18 - MIXTO, FTA
TDA 19 MIXTO, FTA
TDA 20 - MIXTO, FTA
TDA 22 MIXTO, FTA
TDA 23, FTA
TDA 26 MIXTO, FTA, BONOS GRUPO 1, FTA
TDA 29, FTA
TDA 30, FTA
TDA 31, FTA
TDA 8, FTH
TDA 9, FTH
TDA CAM 1, FTA
TDA CAM 10, FTA
TDA CAM 11, FTA
TDA CAM 12, FTA
TDA CAM 2, FTA
TDA CAM 3, FTA
TDA CAM 4, FTA
TDA CAM 5, FTA
TDA CAM 6, FTA
TDA CAM 7, FTA
TDA CAM 8, FTA
TDA CAM 9, FTA
TDA CCM EMPRESAS 1, FTA
TDA Corporativos I, FTA
TDA EMPRESAS 1, FTA
TDA EMPRESAS 2, FTA
TDA FTPYME PASTOR 9, FTA
TDA IBERCAJA 1, FTA
TDA IBERCAJA 2, FTA
TDA IBERCAJA 3, FTA
TDA IBERCAJA 4, FTA
TDA IBERCAJA 5, FTA
TDA IBERCAJA 6, FTA
TDA IBERCAJA 7, FTA
TDA IBERCAJA ICO-FTVPO, FTH
TDA PASTOR 1, FTA
TDA Pastor Consumo 1, FTA
TDA TARRAGONA 1, FTA
Themeleion II Mortgage Finance Plc
Themeleion III Mortgage Finance Plc
Themeleion IV Mortgage Finance Plc
Themeleion Mortgage Finance PLC
Titlos plc
TOTTA (IRELAND) p.l.c.
UCI 5, FTH
UCI 6, FTA
UCI 7, FTA
UCI 8, FTA
UCI 9, FTA
Unicaja
Unicaja Andalucia FTVivienda TDA 1, FTA
UNICAJA AyT EMPRESAS I, F.T.A.
Unicaja TDA VPO, FTA
Universities of Valencia
VAL BANCAJA 1, FTA
VALENCIA HIPOTECARIO 1, FTA
VALENCIA HIPOTECARIO 2, FTH
VALENCIA HIPOTECARIO 3, FTA
VALENCIA HIPOTECARIO 4, FTA
VALENCIA HIPOTECARIO 5, FTA
Wolfhound Funding 2 Limited
Wolfhound Funding 2008-1 Limited
Announcement:

Moody's explores impact of Eurozone sovereign debt crisis on structured finance transactions

20 Apr 2011

London, 20 April 2011 -- In a Special Comment published today, Moody's Investors Service explores the severe impact of the ongoing Eurozone sovereign debt crisis on structured finance transactions.

The report covers structured finance transactions issued out of Greece, Ireland, Portugal and Spain and explores how weaknesses in a government's finances, the country's macro economy and banking system can weaken structured finance transactions. The report also provides an overview of the rating actions that Moody's has taken so far as a result of the sovereign debt crisis. The impact has been greatest for Greece, Ireland, and Portugal and less for Spain.

In its assessment, Moody's focuses on three factors: the highest rating achievable, whether or not credit enhancement meets minimum levels, and the extent of operational risk attributable to the weakening of entities acting as transaction parties or successors to them.

THE HIGHEST STRUCTURED FINANCE RATING ACHIEVABLE IN EACH COUNTRY

The highest rating achievable that a structured finance transaction can retain or achieve is the rating level beyond which the structural features or credit enhancement cannot fully mitigate the severity of the impact of severe events and the level of uncertainty around it . As of the date of this report, the highest achievable structured finance ratings are Baa1(sf) in Greece, Aa2(sf) in Ireland, Aa2(sf) in Portugal and Aaa(sf) in Spain.

MINIMUM CREDIT ENHANCEMENT

Moody's reviews each transaction to determine if it currently has a minimum level of credit enhancement that Moody's deems appropriate for each rating. If a transaction has credit enhancement at or above the minimum, Moody's can project performance with sufficient certainty to apply that rating. Moody's bases the minimum on a determination of how badly an asset would perform during a severe event, factoring in projected losses on the asset type, the volatility of the asset, the rating of the sovereign, and the transaction ratings.

OPERATIONAL RISK

Moody's also assesses operational risk, given that deterioration in the banking sector reduces the creditworthiness of financial institutions and therefore their ability to act as transaction parties or successors to transaction parties that can no longer perform.

CASE-BY-CASE ANALYSIS

Moody's notes that it approaches its credit analyses of structured finance transactions on a case-by-case basis for each country that comes under stress. While conditions that weaken the sovereign, the economy and banking sector can be similar, the consequences for structured finance are never identical.

The highest achievable structured finance ratings and minimum credit enhancement levels set out in the report supersede those stated in all prior press releases and publications relating to Greek, Portuguese and Irish structured finance transactions.

The events surrounding the Eurozone sovereign debt crisis are evolving. The circumstances discussed in the report are as of the publication date and subject to change.

Moody's report, entitled "Assessing the Impact of the Eurozone Sovereign Debt Crisis on Structured Finance Transactions", is available on www.moodys.com.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

London
Ning Loh
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Katherine Frey
MD - EMEA Structured Fin
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's explores impact of Eurozone sovereign debt crisis on structured finance transactions
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