Class A Rating Raised In Spanish RMBS Transaction Santander Hipotecario 2 Following Sovereign Upgrade

OVERVIEW On Oct. 2, 2015, we raised our long-term sovereign rating on the Kingdom of Spain to 'BBB+' from 'BBB'. Following the application of our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating, we have raised to 'A (sf)' from 'BBB (sf)' our rating on the class A notes. Santander Hipotecario 2 is a Spanish RMBS transaction that closed in July 2006 and securitizes first-ranking mortgage loans. MADRID (Standard&Poor's) Dec. 14, 2015--Standard&Poor's Ratings Services today raised its credit rating on Fondo de Titulización de Activos Santander Hipotecario 2's class A notes to 'A (sf)' from 'BBB (sf)'(see list below). On Oct. 2, 2015, we raised our foreign currency long-term sovereign rating on the

...OVERVIEW + On Oct. 2, 2015, we raised our long-term sovereign rating on the Kingdom of Spain to '###+' from '###'. + Following the application of our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating, we have raised to 'A (sf)' from '### (sf)' our rating on the class A notes. + Santander Hipotecario 2 is a Spanish RMBS transaction that closed in July 2006 and securitizes first-ranking mortgage loans. MADRID (Standard & Poor's) Dec. 14, 2015--Standard & Poor's Ratings Services today raised its credit rating on Fondo de Titulizaci=n de Activos Santander Hipotecario 2's class A notes to 'A (sf)' from '### (sf)'(see list below). On Oct. 2, 2015, we raised our foreign currency long-term sovereign rating on the Kingdom of Spain to '###+' from '###' (see "Kingdom of Spain Upgraded To '###+' On Reforms; Outlook Stable"). In accordance with our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency (RAS criteria),...

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