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Announcement:

Moody's places multiple Spanish covered bonds on review for possible downgrade

21 Dec 2010

Madrid, December 21, 2010 -- Moody's Investors Service has today taken the following rating actions:

(i) Placed on review for possible downgrade the ratings of 15 mortgage covered bond programmes (Cédulas Hipotecarias or CHs)

(ii) Placed on review for possible downgrade the ratings of 5 public-sector covered bond programmes (Cédulas Territoriales or CTs)

(iii) Placed on review for possible downgrade the ratings of 64 series of Spanish multi-issuer covered bonds (SMICBs)

A list of the affected ratings can be found at the end of this press release. Concurrent with these rating actions, Moody's has affirmed the ratings of any other Spanish covered bonds.

RATINGS RATIONALE FOR CHs and CTs

Today's rating actions on the CHs and CTs were prompted by the corresponding rating actions taken by Moody's on the underlying institutions supporting these covered bonds. The senior unsecured ratings of these banks were yesterday placed on review for possible downgrade; as a result, the covered bonds have also been placed on review for possible downgrade.

However, Moody's notes that these reviews are limited to those covered bond programmes where the issuer's long-term senior unsecured ratings could be downgraded below a certain rating level (usually below A3 or Baa1). Consequently, the Timely Payment Indicator (TPI) framework could constrain the covered bond ratings.

The senior unsecured ratings of the issuers were placed on review following the rating agency's decision on 15 December 2010 to place the Kingdom of Spain's Aa1 bond rating on review for possible downgrade. The issuers' unsecured ratings may be negatively affected by either (i) a weakening in the sovereign's creditworthiness; or (ii) a potential reduction in the likelihood that the Spanish government will support Spanish banks in case of need.

For further information on the rating actions taken by Moody's Financial Institutions Group, please refer to "Moody's takes actions on rated Spanish banks further to sovereign rating review" published on 20 December 2010.

During the review of the covered bonds, Moody's will consider the negative rating impact in two steps:

Step 1. Expected loss.

The credit strength of the issuer is incorporated into Moody's expected loss methodology. Therefore, any downgrade of the issuer's ratings will increase the expected loss on the covered bonds. Moody's will also look at re-sizing the refinancing margins to account for the increased funding costs in the market. Moody's notes that issuers rated below A3 may be able to offset the deterioration in the expected loss analysis by increasing the committed collateral in their programmes.

Step 2. TPI.

The TPI framework will limit the covered bond ratings if any of the senior unsecured ratings of the issuers are downgraded below certain level. The published TPIs currently assigned to the affected CH and CT programmes are "Probable" and "Probable-High", respectively.

Under Moody's methodology, a TPI of "Probable" or "Probable-High" -- combined with an issuer long-term debt rating below A3 -- would constrain the rating of the covered bonds to Aa1 or below. Similarly, a TPI of "Probable " or "Probable-High" would also constrain the Aa1 ratings of CTs for issuers rated below Baa1. Thus, CHs issued by entities whose long-term ratings could be downgraded below A3 or Baa1 have been placed on review for possible downgrade. The main difference in the rating impact to covered bonds between "Probable" and "Probable-High" starts for entities rated below Baa2.

Moody's notes that the A1 CH ratings of Cajasur and the Aa3 CT ratings of Banco de Castilla-La Mancha S.A. have also been placed on review for possible downgrade, given the review for possible downgrade of their respective parents (Bilbao Bizkaia Kutxa and Cajastur respectively ) and thus the possible impact on their covered bond programmes. During the review, Moody's will assess the parent's commitment towards these entities' covered bond programmes.

RATINGS RATIONALE FOR SMICBs

Moody's has placed the ratings of 64 Series of SMICBs on review for possible downgrade. The review was also prompted by the corresponding rating actions taken by Moody's on the participant issuers in these Series, which poses credit risk to the current rating assigned to the notes, from both an expected loss and timeliness payment perspective. The review has affected all the Series of any issuers (i) whose senior unsecured rating could be downgraded below A3; or (ii) whose current rating is Baa and has also being placed on review for possible downgrade. Only three series were excluded from the review, related to Banco Popular Español S.A. (Aa3 on review for possible downgrade/ Prime-1).

SMICBs can be considered a repackaging of a pool of Spanish covered bonds. Each SMICB is backed by a group of Spanish covered bonds (CHs or CTs) which are purchased by a Fund. In turn, the Fund issues SMICBs.

During its review of the covered bonds, Moody's will consider the negative rating impact in two steps:

Step 1. Moody's determines a rating based on the expected loss on the SMICB.

The main driver of the expected loss (EL) of an SMICB is the credit strength of the CHs backing the SMICBs. Any downgrade of the issuer's ratings will increase the expected loss on the covered bonds. Similar to single-issuers, Moody's will analyse the impact in the EL of: (i) any issuer rating changes; (ii) any rating change on the sovereign; and (iii) the refinancing environment in Spain.

Moody's notes that issuers rated below A3 may be able to offset the deterioration in the expected loss analysis by increasing the committed collateral in their programmes.

Step 2. A secondary rating target for SMICBs is the probability of default.

Moody's would not rate any SMICB Aaa if any of the issuers of the CHs supporting it were rated below Baa3, unless further structural measures were implemented (for example, a reserve fund).

RATING METHODOLOGY

The principal methodologies used in rating these transactions were "Moody's Rating Approach to Covered Bonds", published in March 2010, "Assessing Swaps as Hedges in the Covered Bond Market", published in September 2008, and "Rating Spanish Multi-Issuer Covered Bonds", published in September 2009. These can be found 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 issue can also be found in the Rating Methodologies sub-directory on Moody's website. 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 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://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF229753):

LIST OF AFFECTED CHs AND CTs

-1) Bilbao Bizkaia Kutxa, mortgage covered bonds: Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 18-11-2008.

-2) Banco de Castilla-la Mancha S.A. (former CCM), public-sector covered bonds: Aa3 placed on review for possible downgrade, previously downgraded to Aa3 from Aa1 on review for possible downgrade, on 16-06-2009

-3) CajaSur, mortgage covered bonds: A1 placed on review for possible downgrade, previously first-time ratings of A1 assigned on 23-9-2009

-4) Caja Madrid, mortgage covered bonds: Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 8-10-1999

-5) Caja Madrid, public sector covered bonds: Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 20-2-2007

-6) Banca March, S.A., mortgage covered bonds: Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 2-6-2009

-7) Banco Sabadell, mortgage covered bonds: Aaa placed on review for possible downgrade, previously upgraded to Aaa from Aa2 on 20-11-2006

-8) Ibercaja, mortgage covered bonds: Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 2-11-2009

-9) Santander Consumer Finance, mortgage covered bonds: Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 4-4-2006

-10) Bancaja, mortgage covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 01-07-2009

-11) Banco Pastor S.A., mortgage covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 01-07-2009

-12) CatalunyaCaixa, mortgage covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 01-07-2009

-13) CatalunyaCaixa, public-sector covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 16-06-2009

-14) Caja de Ahorros del Mediterráneo (CAM), mortgage covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 01-07-2009

-15) Caja de Ahorros del Mediterráneo (CAM), public sector covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 16-06-2009

-16) Cajamar, mortgage covered bonds: Aaa placed on review for possible downgrade, previously confirmed at Aaa from Aaa on review for possible downgrade on 01-07-2009

-17) Caja de Ahorros de Galicia, Vigo, O. y P., mortgage covered bonds: Aa1 placed on review for possible downgrade, previously first-time ratings of Aa1 assigned on 1-12-2010

-18) Caja de Ahorros de Galicia, Vigo, O. y P., public sector covered bonds: Aa1 placed on review for possible downgrade, previously first-time ratings of Aa1 assigned on 1-12-2010

-19) Caja España De Inversiones, Salamanca y Soria, mortgage covered bonds: Aa1 placed on review for possible downgrade, previously first-time ratings of Aa1 assigned on 12-10-2010

-20) Caja Insular de Ahorros de Canarias, mortgage covered bonds: Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade on 16-06-2009

LIST OF AFFECTED SMICBS

-1) Programa Cédulas TDA, Fondo de Titulización de Activos - Series A1 (ISIN: ES0371622004), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-2) Programa Cédulas TDA, Fondo de Titulización de Activos - Series A3 (ISIN: ES0371622038), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-3) Programa Cédulas TDA, Fondo de Titulización de Activos - Series A4 (ISIN: ES0371622012), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-4) Programa Cédulas TDA, Fondo de Titulización de Activos - Series A5 (ISIN: ES0371622046), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-5) Programa Cédulas TDA, Fondo de Titulización de Activos - Series A6 (ISIN: ES0371622020), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-6) CÉDULAS TDA 2, FTA (ISIN: ES0317019000), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-7) CÉDULAS TDA 3, FTA (ISIN: ES0317043000), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-8) CÉDULAS TDA 5, FTA (ISIN: ES0317045005), Aa3 placed on review for possible downgrade, previously downgraded to Aa3 from Aa1, on 03-05-2010.

-9) CÉDULAS TDA 6, FTA (ISIN: ES0317046003), Aa2 placed on review for possible downgrade, previously downgraded to Aa2 from Aa1, on 03-05-2010.

-10) CÉDULAS TDA 7, FTA (ISIN: ES0317047001), Aa2 placed on review for possible downgrade, previously downgraded to Aa2 from Aa1, on 03-05-2010.

-11) CÉDULAS TDA 19, FTA (ISIN: ES0315945008), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 21-06-2010.

-12) CÉDULAS TDA 20, FTA - Serie A1 (ISIN: ES0316991001), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 18-06-2010.

-13) CÉDULAS TDA 20, FTA - Serie A2 (ISIN: ES0316991019), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 18-06-2010.

-14) IM CÉDULAS 2, FTA (ISIN: ES0347859003), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-15) IM CÉDULAS 4, FTA (ISIN: ES0347848006), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-16) IM CÉDULAS M1, FTA (ISIN: ES0362859003), A1 placed on review for possible downgrade, previously downgraded to A1 from Aa2, on 03-05-2010.

-17) IM CÉDULAS 7, FTA (ISIN: ES0347784003), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-18) IM CÉDULAS 9, FTA (ISIN: ES0347785000), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-19) IM CÉDULAS 10, FTA (ISIN: ES0349045007), Aa3 placed on review for possible downgrade, previously downgraded to Aa3 from Aa2, on 03-05-2010.

-20) IM Cédulas 14, FTA (ISIN: ES0347462006), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 05-05-2010.

-21) AyT Cedulas Cajas, FTA (ISIN: ES0352961009), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-22) AyT Cedulas Cajas III, FTA (ISIN: ES0361002001), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-23) AyT Cedulas Cajas IV, FTA (ISIN: ES0312368006), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-24) AyT Cedulas Cajas V, FTA - Series A (ISIN: ES0370148001), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-25) AyT Cedulas Cajas V, FTA - Series B (ISIN: ES0370148019), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-26) AyT Cedulas Cajas VI, FTA - Series A (ISIN: ES0312360003), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-27) AyT Cedulas Cajas VI, FTA - Series B (ISIN: ES0312360011), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-28) AyT Cedulas Cajas VII, FTA (ISIN: ES0312361001), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-29) AyT Cedulas Cajas VIII, FTA - Series A (ISIN: ES0312362009), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-30) AyT Cedulas Cajas VIII, FTA - Series B (ISIN: ES0312362017), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-31) AyT Cedulas Cajas IX, FTA - Series A (ISIN: ES0312358007), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-32) AyT Cedulas Cajas IX, FTA - Series B (ISIN: ES0312358015), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-33) AyT Cedulas Cajas X, FTA - Series A (ISIN: ES0312342001), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-34) AyT Cedulas Cajas X, FTA - Series B (ISIN: ES0312342019), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-35) AyT Cedulas Cajas XI, FTA (ISIN: ES0312213004), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-36) AyT Cédulas Cajas Global, FTA - Series I (ISIN: ES0312298005), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-37) AyT Cédulas Cajas Global, FTA - Series II (ISIN: ES0312298013), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-38) AyT Cédulas Cajas Global, FTA - Series III (ISIN: ES0312298021), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-39) AyT Cédulas Cajas Global, FTA - Series IV (ISIN: ES0312298039), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-40) AyT Cédulas Cajas Global, FTA - Series V (ISIN: ES0312298047), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-41) AyT Cédulas Cajas Global, FTA - Series VI (ISIN: ES0312298054), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-42) AyT Cédulas Cajas Global, FTA - Series VII (ISIN: ES0312298062), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-43) AyT Cédulas Cajas Global, FTA - Series VIII (ISIN: ES0312298070), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-44) AyT Cédulas Cajas Global, FTA - Serie IX (ISIN: ES0312298088), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-45) AyT Cédulas Cajas Global, FTA - Series X (ISIN: ES0312298096), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-46) AyT Cédulas Cajas Global, FTA - Series XI (ISIN: ES0312298104), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-47) AyT Cédulas Cajas Global, FTA - Series XII (ISIN: ES0312298112), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-48) AyT Cédulas Cajas Global, FTA - Series XIII (ISIN: ES0312298120), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-49) AyT Cédulas Cajas Global, FTA - Series XIV (ISIN: ES0312298138), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-50) AyT Cédulas Cajas Global, FTA - Series XVI (ISIN: ES0312298153), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-51) AyT Cédulas Cajas Global, FTA - Series XVIII (ISIN: ES0312298179), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-52) AyT Cédulas Cajas Global, FTA - Series XIX (ISIN: ES0312298187), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-53) AyT Cédulas Cajas Global, FTA - Series XX (ISIN: ES0312298195), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-54) AyT Cédulas Cajas Global, FTA - Series XXI (ISIN: ES0312298203), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-55) AyT Cédulas Cajas Global, FTA - Series XXIV (ISIN: ES0312298237), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 24-07-2009.

-56) AyT Cédulas Cajas Global, FTA - Series XXV (ISIN: ES0312298245), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 03-12-2009.

-57) AyT Cédulas Cajas Global, FTA - Series XXVI (ISIN: ES0312298252), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 27-05-2010.

-58) AyT.10 Financiación Inversiones, FTA (ISIN: ES0361005004), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-59) AyT Prestige Cajas de Ahorros, FTA (ISIN: ES0356849002), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-60) AyT Financiación Inversiones II, FTA (ISIN: ES0312375001), Aaa placed on review for possible downgrade, previously confirmed to Aaa from Aaa on review for possible downgrade, on 17-12-2009.

-61) AyT Financiación Inversiones III, FTA (ISIN: ES0312299003), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-62) PROGRAMA PITCH, FTA (ISIN: ES0334699008), Aa1 placed on review for possible downgrade, previously downgraded to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.

-63) AyT Cédulas Territoriales III, FTA (ISIN: ES0384957009), Aaa placed on review for possible downgrade, previously first-time ratings of Aaa assigned on 29-07-2008.

-64) CÉDULAS TDA 21, FTA -(ISIN: n.a.), (p) Aaa placed on review for possible downgrade, previously first-time ratings of (P) Aaa assigned on 17-12-2010.

The following ratings have been affirmed:

LIST OF AFFIRMED CHs AND CTs

-1) Caja de Ahorros y Pensiones de Barcelona (La Caixa), mortgage covered bonds: Aaa affirmed

-2) Caja de Ahorros y Pensiones de Barcelona (La Caixa), public-sector covered bonds: Aaa affirmed

-3) Banco Santander, S.A., mortgage covered bonds: Aaa affirmed

-4) Banco Santander, S.A., public-sector covered bonds: Aaa affirmed

-5) Banco Bilbao Vizcaya Argentaria, S.A., mortgage covered bonds: Aaa affirmed

-6) Banco Bilbao Vizcaya Argentaria, S.A., public-sector covered bonds: Aaa affirmed

-7) Banesto, S.A., mortgage covered bonds: Aaa affirmed

-8) Banesto, S.A., public-sector covered bonds: Aaa affirmed

-9) Bankinter, S.A., mortgage covered bonds: Aaa affirmed

-10) Banco Popular Español, S.A., mortgage covered bonds: Aaa affirmed

-11) Unicaja, mortgage covered bonds: Aaa affirmed

-12) Caja Vital Kutxa, mortgage covered bonds: Aaa affirmed

-13) Dexia Sabadell, S.A., public-sector covered bonds: Aa2 affirmed

LIST OF AFFIRMED SMICBS

-1) IM Cédulas 1 GBP, FTA (ISIN: ES0347858005), Aaa affirmed

-2) IM Cédulas 2 GBP, FTA (ISIN: ES0318821008), Aaa affirmed

-3) IM Cédulas 3 GBP, FTA (ISIN: ES0318822006), Aaa affirmed

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
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

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

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 places multiple Spanish covered bonds on review for possible downgrade
No Related Data.
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