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Rating Action:

Moody's reviews Spanish banks ratings

19 May 2009

Madrid, May 19, 2009 -- Moody's Investors Service placed on review for possible downgrade the bank financial strength ratings (BFSRs) of 36 Spanish banks (see list below); also placed on review the deposit and senior debt ratings of 34 of these banks and the subordinated, junior subordinated and/or hybrid securities of 22 of these same institutions. Moody's expects to conclude its reviews for the majority of these banks in the next several weeks. Due in part to the anticipated availability of systemic support, Moody's believes that any potential downgrade of the banks' senior debt and deposit ratings will be likely limited to a maximum of two notches.

To date, due to "generic" provisions and strong recurring earnings, Spanish banks have displayed a relatively high risk-absorption capacity despite notable increases in non-performing loans (from 0.7% in December 2007 to 3.37% in December 2008 and 4.27% at the end of March 2009). Therefore, rating actions since 2007 have so far been mostly limited to those banks particularly exposed to the real estate sector (see last rating actions referred to below); however, the outlook on the Spanish banking system has been negative since early 2008.

The current review for possible downgrade for 36 banks has been prompted by Moody's expectation that the asset quality of Spanish banks will continue to deteriorate, leading to significantly higher credit losses than previously incorporated in the ratings and straining capitalisation. Pressure on asset quality across all asset classes is coming from the now deep recession in Spain, which is expected to continue throughout 2009 and into 2010, coupled with very negative prospects for the labour market and the continued abrupt adjustment in the real estate and construction sector. The rapid deterioration of most banks' loan portfolios, which started to be more visible in 2008, has severely reduced the general loan loss provisions that protected these banks from losses so far. While initially the asset quality deterioration stemmed mostly from exposure to the commercial real estate sector, other asset classes are now also increasingly affected by the magnitude and breadth of the recession, thus having an impact on the much broader banking system.

"While expecting increased pressure on many banks' financial fundamentals we also believe that the likelihood of support by the Spanish government has increased during this period of exceptional systemic stress in the banking sector", said María Cabanyes, a Moody's Senior Vice President. This should result in a far more moderate impact on the senior debt and deposit ratings of many, even small banks and savings banks in Spain, compared to a potentially more severe rating impact on BFSRs, which are measures solely of stand-alone financial strength.

REVIEW OF SENIOR DEBT AND DEPOSIT RATINGS

Moody's expects the downgrades of the senior debt and deposit ratings to be limited in most cases to one notch, or possibly two notches, and that no senior debt or deposit rating will be downgraded below Baa3.

"Demonstrated or anticipated government support continues to underpin relatively high deposit and senior debt ratings for the Spanish banks," says Moody's Cabanyes. "This is in line with our expectation that banks in highly rated countries will receive, or are likely to receive, support depending on their level of systemic importance."

In reviewing the deposit and senior debt ratings, Moody's will consider (i) the support currently available to the banks, as well as the probability of support once stability returns to the markets and the system, (ii) the systemic importance of the rated institutions, (iii) the banks' intrinsic financial strength, (iv) other sources of external support, in particular group support for the savings banks and credit cooperatives (although Moody's currently attaches less importance to these support providers given the system-wide challenges), and parental support.

REVIEW OF BANK FINANCIAL STRENGTH RATINGS

The banks whose BFSRs are likely to experience more significant multi-notch downgrades are those with lower capitalisation levels (tier-1 and tangible common equity ratios) compared to higher expected losses on their risk assets, primarily stemming from mortgage loans with high Loan-to-Value ratios (LTVs) or those secured by second homes and exposure to companies that are concentrated in the real estate sector (real estate developers, construction companies etc.).

Moody's BFSR methodology remains unchanged, though the weight attached to certain rating considerations, particularly capital and future earnings prospects, has been increased to better reflect the impact of the current crisis. The refinement to Moody's approach to rating banks in this environment is discussed in a Special Comment titled "Calibrating Bank Ratings in the Context of the Global Financial Crisis", which was published in February.

REVIEW OF SUBORDINATED AND HYBRID RATINGS

In reviewing the subordinated and hybrid ratings, Moody's will take into consideration the outcome of the review of the BFSR and the senior debt and deposit rating for each bank, but also reflect the specific terms of these instruments and, if applicable, triggers that may reduce the relative likelihood of receiving full and timely payments.

RATING AFFIRMATONS

In addition to the banks placed on review, Moody's affirmed the long-term debt and deposit ratings of seven institutions of which four had their BFSRs affirmed as well (see list below), believing that those institutions that can absorb a level of stress beyond Moody's expected loss assumptions and remain appropriately capitalized at their current rating level. In all cases, Moody's has assigned or maintained negative outlook to those institutions whose ratings have been affirmed. The negative outlooks reflect the view that these institutions could still come under pressure if loss assumptions increase significantly from our current expectations or if other aspects determining their risk absorption capacity deteriorate to the degree that capital and earnings are affected.

RATING ACTIONS IN SUMMARY

Banks with one or more ratings affected by the current review are as follows (in alphabetical order)

1) Banca March S.A.

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating affirmed with a negative outlook;

P-1 short-term debt and deposit rating affirmed.

2) Banco Bilbao Vizcaya Argentaria, S.A.

BFSR of B under review for possible downgrade;

Aa1 long-term debt and deposit rating under review for downgrade;

Aa2 senior subordinated debt under review for downgrade;

Aa2 junior subordinated debt under review for downgrade;

Aa3 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

The potential impact on the ratings of BBVA's rated foreign subsidiaries will be covered in a separate Press Release.

3) Banco Cooperativo Espanol, S.A.

BFSR of C+ under review for possible downgrade;

A1 long-term debt and deposit rating under review for downgrade;

A2 senior subordinated debt under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

4) Banco de Credito Local de Espana, S.A.

BFSR of B under review for possible downgrade;

Aa1 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

5) Banco De Valencia S.A

BFSR of C- under review for possible downgrade;

A3 long-term debt and deposit rating under review for downgrade;

Baa1 senior subordinated debt under review for downgrade;

Baa2 hybrid securities under review for downgrade;

P-2 short-term debt and deposit rating affirmed.

6) Banco Espanol de Credito, S.A. (Banesto)

BFSR of B- under review for possible downgrade;

Aa2 long-term debt and deposit rating under review for downgrade;

Aa3 senior subordinated debt under review for downgrade;

Aa3 junior subordinated debt under review for downgrade;

A1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

7) Banco Guipuzcoano

BFSR of C- (mapping to a BCA of Baa2) under review for possible downgrade;

Baa1 long-term debt and deposit rating affirmed with a negative outlook;

P-2 short-term debt and deposit rating affirmed.

8) Banco Pastor, S.A.

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

A3 junior subordinated debt under review for downgrade;

Baa1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

9) Banco Popular Espanol, S.A.

BFSR of B under review for possible downgrade;

Aa2 long-term debt and deposit rating under review for downgrade;

Aa3 senior subordinated debt under review for downgrade;

A1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

10) Banco Sabadell, S.A.

BFSR of B- under review for possible downgrade;

Aa3 long-term debt and deposit rating under review for downgrade;

A1 senior subordinated debt under review for downgrade;

A1 junior subordinated debt under review for downgrade;

A2 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

11) Banco Santander S.A. (Spain)

BFSR of B under review for possible downgrade;

Aa1 long-term debt and deposit rating under review for downgrade;

Aa2 senior subordinated debt under review for downgrade;

Aa2 junior subordinated debt under review for downgrade;

Aa3 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

The potential impact on the ratings of Banco Santander's rated foreign subsidiaries will be covered in a separate Press Release.

12) Bankinter, S.A.

BFSR of B- under review for possible downgrade;

Aa3 long-term debt and deposit rating under review for downgrade;

A1 senior subordinated debt under review for downgrade;

A2 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

13) Bilbao Bizkaia Kutxa

BFSR of C+ affirmed with a negative outlook;

A1 long-term debt and deposit rating affirmed with a negative outlook;

A2 senior subordinated debt affirmed with a negative outlook;

P-1 short-term debt and deposit rating affirmed.

14) Caixa Catalunya

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

Baa1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

15) Caixa d'Estalvis de Manresa (Caixa Manresa)

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

16) Caixa d'Estalvis de Tarragona

BFSR of C- under review for possible downgrade;

Baa1 long-term debt and deposit rating under review for downgrade;

P-2 short-term debt and deposit rating under review for downgrade.

17) Caixa d'Estalvis de Terrassa

BFSR of C- under review for possible downgrade;

A3 long-term debt and deposit rating under review for downgrade;

Baa1 senior subordinated debt under review for downgrade;

Baa1 junior subordinated debt under review for downgrade;

P-2 short-term debt and deposit rating affirmed.

18) Caixa Galicia

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

A3 junior subordinated debt under review for downgrade;

Baa1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

19) Caja de Ahorros de La Rioja (Caja Rioja)

BFSR of C- under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

20) Caja de Ahorros de Salamanca y Soria (Caja Duero)

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

Baa1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

21) Caja de Ahorros de Santander y Cantabria (Caja Cantabria)

BFSR of C- under review for possible downgrade;

A3 long-term debt and deposit rating under review for downgrade;

Baa1 senior subordinated debt under review for downgrade;

Baa2 hybrid securities under review for downgrade;

P-2 short-term debt and deposit rating affirmed.

22) Caja de Ahorros de Valencia, C y A. (Bancaja)

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

A3 junior subordinated debt under review for downgrade;

Baa1 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

23) Caja de Ahorros de Vigo, Ourense y Pontevedra (Caixanova)

BFSR of C+ under review for possible downgrade;

A1 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

24) Caja de Ahorros de Vitoria y Álava (Caja Vital)

BFSR of C+ under review for possible downgrade;

A1 long-term debt and deposit rating under review for downgrade.

P-1 short-term debt and deposit rating affirmed

25) Caja de Ahorros del Mediterráneo (CAM)

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

A3 senior subordinated debt under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

26) Caja de Ahorros Municipal de Burgos

BFSR of C- under review for possible downgrade;

A3 long-term debt and deposit rating under review for downgrade;

P-2 short-term debt and deposit rating affirmed.

27) Caja de Ahorros y Monte de Piedad de Ávila

BFSR of C- under review for possible downgrade;

Baa1 long-term debt and deposit rating under review for downgrade;

P-2 short-term debt and deposit rating under review for downgrade.

28) Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid)

BFSR of C+ under review for possible downgrade;

Aa3 long-term debt and deposit rating under review for downgrade;

A1 senior subordinated debt under review for downgrade;

A1 junior subordinated debt under review for downgrade.

A2 hybrid securities under review for downgrade

P-1 short-term debt and deposit rating affirmed

29) Caja de Ahorros y Monte de Piedad de Segovia

BFSR of C- under review for possible downgrade;

Baa1 long-term debt and deposit rating under review for downgrade;

P-2 short-term debt and deposit rating under review for downgrade.

30) Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja (Ibercaja)

BFSR of C+ under review for possible downgrade;

A1 long-term debt and deposit rating under review for downgrade;

A2 senior subordinated debt under review for downgrade;

A3 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

31) Caja de Ahorros y Pensiones de Barcelona ("La Caixa")

BFSR of B under review for possible downgrade;

Aa1 long-term debt and deposit rating under review for downgrade;

Aa2 senior subordinated debt under review for downgrade;

Aa3 hybrid securities under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

32) Caja España de Inversiones (Caja España)

BFSR of C- under review for possible downgrade;

A3 long-term debt and deposit rating under review for downgrade;

Baa1 senior subordinated debt under review for downgrade;

Baa1 junior subordinated debt under review for downgrade;

Baa2 hybrid securities under review for downgrade;

P-2 short-term debt and deposit rating affirmed.

33) Caja Insular de Ahorros de Canarias

BFSR of C- under review for possible downgrade;

A3 long-term debt and deposit rating under review for downgrade;

Baa1 senior subordinated debt under review for downgrade;

Baa1 junior subordinated debt under review for downgrade;

P-2 short-term debt and deposit rating affirmed.

34) Caja Laboral Popular Cooperativa de Crédito

BFSR of C+ under review for possible downgrade;

A1 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

35) Caja Rural de Granada

BFSR of C- affirmed with a negative outlook;

A3 long-term debt and deposit rating affirmed with a negative outlook;

P-2 short-term debt and deposit rating affirmed.

36) Caja Rural de Navarra

BFSR of C affirmed with a negative outlook;

A2 long-term debt and deposit rating affirmed with a negative outlook;

P-1 short-term debt and deposit rating affirmed.

37) Cajamar Caja Rural, Sociedad Cooperativa de Crédito

BFSR of C under review for possible downgrade;

A2 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

38) Confederación Española de Cajas de Ahorro (CECA)

BFSR of B- under review for possible downgrade;

Aa2 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating affirmed.

39) Lico Leasing, EFC S.A.

A2 long-term debt and deposit rating under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

40) Mtes. de P. y Caja de Ahorros de Ronda, Cádiz, Almería, Málaga y Antequera (Unicaja)

BFSR of B- under review for possible downgrade;

Aa3 long-term debt and deposit rating affirmed with a negative outlook;

A1 senior subordinated debt affirmed with a negative outlook;

P-1 short-term debt and deposit rating affirmed.

41) Santander Consumer Finance, S.A.

BFSR of C+ under review for possible downgrade;

A1 long-term debt and deposit rating under review for downgrade;

A2 senior subordinated debt under review for downgrade;

P-1 short-term debt and deposit rating under review for downgrade.

The principal methodologies used in rating these issuers were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Credit Policy & Methodologies directory.

Moody's last rating action on Banca March was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Bilbao Vizcaya Argentaria was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Cooperativo was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco de Crédito Local de España was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco de Valencia was on 4 November 2008, when the bank's ratings were downgraded to A2/P-2/C-, negative outlook.

Moody's last rating action Banco Español de Crédito was on 17 October 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies..

Moody's last rating action on Banco Guipuzcoano was on 4 November 2008, when the bank's ratings were downgraded to Baa1/P-2/C-, negative outlook.

Moody's last rating action on Banco Pastor was on 15 September 2008, when the bank's ratings were downgraded to A2/P-1/C, negative outlook.

Moody's last rating action on Banco Popular was on 19 December 2008, when the bank's ratings were downgraded to Aa2/P-1/B, negative outlook.

Moody's last rating action on Banco Sabadell was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Banco Santander was on 14 July 2008, when the bank's ratings were affirmed, following the recommended offer for Alliance&Leicester.

Moody's last rating action on Bankinter was on 13 April 2007, when the bank's ratings were affirmed as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Bilbao Bizkaia Kutxa was on 13 April 2007, when the bank's ratings were affirmed as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caixa Catalunya was on 5 August 2008, when the bank's ratings were downgraded to A2/P-1/C, negative outlook.

Moody's last rating action on Caixa d'Estalvis de Manresa was on 13 April 2007, when the bank's ratings were affirmed as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caixa d'Estalvis de Tarragona was on 5 August 2008, when the bank's ratings were downgraded to Baa1/P-2/C-, negative outlook.

Moody's last rating action on Caixa d'Estalvis de Terrassa was on 5 August 2008, when the bank's ratings were downgraded to A3/P-2/C-, stable outlook.

Moody's last rating action on Caixa Galicia was on 21 December 2007, when the bank's ratings were downgraded to A2/P-1/C, stable outlook.

Moody's last rating action on Caixanova was on 28 April 2008, when the bank's ratings outlook was changed from stable to negative.

Moody's last rating action on Caja de Ahorros de Ávila was on 28 April 2008, when the bank's ratings were downgraded to Baa1/P-2/C-, negative outlook.

Moody's last rating action on Caja de Ahorros de La Rioja was on 13 April 2007, when the bank's BFSR was lowered to C- and the debt and deposit ratings were upgraded to A2 as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caja de Ahorros de Santander y Cantabria was on 26 November 2008, when the bank's ratings were downgraded to A3/P-2/C-, negative outlook.

Moody's last rating action on Caja de Ahorros de Valencia, C y A. (Bancaja) was on 5 August 2008, when the bank's ratings were downgraded to A2/P-1/C, stable outlook.

Moody's last rating action on Caja de Ahorros de Vitoria y Álava was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caja de Ahorros del Mediterráneo (CAM) was on 5 August 2008, when the bank's ratings were downgraded to A2/P-1/C, negative outlook.

Moody's last rating action on Caja de Ahorros Municipal de Burgos was on 28 November 2008, when the bank's ratings were downgraded to A3/P-2/C-, negative outlook.

Moody's last rating action on Caja de Ahorros y Monte Piedad de Madrid was on 3 November 2008, when the bank's ratings were downgraded to Aa3/P-1/C+, stable outlook.

Moody's last rating action on Caja de Ahorros y Monte Piedad de Segovia was on 28 April 2008, when the bank's ratings were downgraded to Baa1/P-2/C-, negative outlook.

Moody's last rating action on Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja (Ibercaja) was on 13 April 2007, when the bank's ratings were affirmed as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caja de Ahorros y Pensiones de Barcelona was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caja Duero was on 13 April 2007, when the bank's ratings were affirmed as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caja España de Inversiones was on 11 November 2008, when the bank's ratings were downgraded to A3/P-2/C-, negative outlook.

Moody's last rating action on Caja Insular de Ahorros de Canarias was on 28 April 2008, when the bank's ratings were downgraded to A3/P-2/C-, stable outlook.

Moody's last rating action on Caja Laboral Popular Coop. de Crédito was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Caja Rural de Granada was on 10 May 2007, when the bank's ratings were established at A3/P-2/C-, stable outlook.

Moody's last rating action on Caja Rural de Navarra was on 8 November 2007, when the bank's ratings were established at A2/P-1/C, stable outlook.

Moody's last rating action on Cajamar Caja Rural, Soc. Coop. de Crédito was on 28 April 2008, when the bank's ratings were downgraded to A2/P-1/C, stable outlook.

Moody's last rating action on Confederación Española de Cajas de Ahorro was on 13 April 2007, when the bank's ratings were upgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Lico Leasing was on 4 December 2000, when the bank's ratings were established at A2/P-1, stable outlook.

Moody's last rating action on Santander Consumer Finance was on 13 April 2007, when the bank's ratings were downgraded as result of the implementation of Moody's Joint Default Analysis and BFSR methodologies.

Moody's last rating action on Unicaja was on 1 April 2009, when the bank's ratings were confirmed.

Issuer: BBVA Capital Finance, S.A Unipersonal

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BBVA Capital Funding Limited

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BBVA Global Finance Ltd.

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BBVA International Limited

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BBVA International Pref S.A. Unipersonal

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BBVA Senior Finance, S.A. Unipersonal

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From No Outlook

Issuer: BBVA Subordinated Capital, S.A. Unipersonal

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From No Outlook

Issuer: BBVA U.S. Senior, S.A. Unipersonal

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BCH Capital Limited

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BCL International Finance Limited

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BPE Capital International Limited

..On Review for Possible Downgrade:

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: BPE Finance International Limited

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: BPE Financiaciones, S.A.

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: BSCH Finance Limited

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

....Preference Stock Shelf, Placed on Review for Possible Downgrade, currently (P)Aa3

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: BVA Preferentes, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Banca March S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

..Outlook Actions:

....Outlook, Changed To Negative From Stable

Issuer: Bancaja Capital, S.A. Unipersonal

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Bancaja Emisiones, S.A. Unipersonal

..On Review for Possible Downgrade:

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

Issuer: Bancaja International Finance

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Bancaja US Debt, S.A.U.

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco Bilbao Vizcaya Argentaria, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B

.... Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco Bilbao Vizcaya Argentaria, SA London Br

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco Cooperativo Espanol, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco De Valencia S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Banco Espanol de Credito, S.A. (Banesto)

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco Guipuzcoano

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

Issuer: Banco Pastor, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Banco Popular Espanol, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Banco Sabadell S.A., London Branch

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco Sabadell, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently A2

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco Santander S.A. (Spain)

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B

.... Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banco de Credito Local de Espana, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banesto Banco de Emisiones, S.A.

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banesto Finance Ltd.

..On Review for Possible Downgrade:

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banesto Financial Products PLC

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banesto Holdings, Ltd.

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banesto Issuances Ltd.

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Banesto Preferentes, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Bankinter Emisiones, S.A. Unipersonal

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Bankinter Finance Limited

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Bankinter, S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Bilbao Bizkaia Kutxa

..Outlook Actions:

....Outlook, Changed To Negative From Stable

Issuer: CAM Global Finance

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: CAM Global Finance, S.A. Sociedad Unipersonal

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: CAM International Issues, SA Sociedad Unipers

..On Review for Possible Downgrade:

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: CAM US Finance, S.A. Unipersonal

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caixa Catalunya

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caixa Catalunya International Finance B.V.

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caixa Catalunya International Finance Limited

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caixa Catalunya Preferential Issuance Ltd.

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caixa Finance B.V.

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caixa Galicia

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable(m)

Issuer: Caixa Galicia Preferentes, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caixa Preference Limited

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caixa d'Estalvis de Manresa (Caixa Manresa)

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caixa d'Estalvis de Tarragona

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caixa d'Estalvis de Terrassa

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caixanova

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja Duero

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja Duero Capital, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja Espana de Invers.Soc.de Particip.Pref.

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Baa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja Espana de Inversiones

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja Insular de Ahorros de Canarias

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja Laboral Finance Ltd.

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja Laboral Popular Coop. de Credito

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja Madrid Finance Preferred, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A2

Issuer: Caja Madrid SD Finance BV

..On Review for Possible Downgrade:

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja Rural de Granada

..Outlook Actions:

....Outlook, Changed To Negative From Stable

Issuer: Caja Rural de Navarra

..Outlook Actions:

....Outlook, Changed To Negative From Stable

Issuer: Caja Vital Finance B.V.

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja de Ahorros Municipal de Burgos

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A3

Issuer: Caja de Ahorros de Avila

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja de Ahorros de La Rioja

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja de Ahorros de Santander y Cantabria

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja de Ahorros de Valencia, C y A. (Bancaja)

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja de Ahorros de Vitoria y Alava

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja de Ahorros del Mediterraneo

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A2

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja de Ahorros y Monte de Piedad de Madrid

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caja de Ahorros y Monte de Piedad de Segovia

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C-

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caja de Ahorros y Pensiones de Barcelona

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B

.... Issuer Rating, Placed on Review for Possible Downgrade, currently Aa1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Cajamar Caja Rural, Soc. Coop. de Credito

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Cantabria Preferentes, S.A.

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Baa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Caymadrid Finance Limited

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Caymadrid International Ltd.

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Confederacion Espanola de Cajas de Ahorro

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Ibercaja

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Lico Leasing, S.A.

..On Review for Possible Downgrade:

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Madrid Finance B.V.

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Pastor Internacional Debt, S.A. Unipersonal

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Pastor International Capital

..On Review for Possible Downgrade:

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Pastor International Finance

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Pastor Particip. Preferent., S.A. Unipersonal

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Baa1

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Baa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Capital Europe B.V.

..On Review for Possible Downgrade:

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Capital, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Finance Europe B.V.

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Preference (Cayman) Limited

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Negative

Issuer: Sabadell International Capital B.V.

..On Review for Possible Downgrade:

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Sabadell International Finance B.V.

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Central Hispano Fin. Serv. Ltd

..On Review for Possible Downgrade:

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Central Hispano Finance, S.A.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Positive

Issuer: Santander Central Hispano International Ltd

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Central Hispano Issuances Ltd.

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Consumer Finance S.A.

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently C+

.... Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Finance Capital, S.A. Unipersonal

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Finance Preferred, S.A. Unipersonal

..On Review for Possible Downgrade:

....Preference Stock Preference Stock, Placed on Review for Possible Downgrade, currently Aa3

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Int'l Debt, S.A. Unipersonal

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From No Outlook

Issuer: Santander International Preferred, S.A.U.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

Issuer: Santander Issuances S.A. Unipersonal

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Overseas Bank, Inc.

..On Review for Possible Downgrade:

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Santander Perpetual, S.A. Unipersonal

..On Review for Possible Downgrade:

....Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

....Outlook, Changed To Rating Under Review From No Outlook

Issuer: Santander US Debt, S.A. Unipersonal

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa1

..Outlook Actions:

....Outlook, Changed To Rating Under Review From Stable

Issuer: Unicaja

..On Review for Possible Downgrade:

.... Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

..Outlook Actions:

....Outlook, Changed To Negative(m) From Stable

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Madrid
Maria Cabanyes
Senior Vice President
Financial Institutions Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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