Credit ratings were assigned to the €1.955 billion mortgage-backed floating-rate notes issued by Fondo de Titulización de Activos Santander Hipotecario 2. In addition, an overissuance of €17.6 million floating-rate notes (the class F notes) was issued. Santander Hipotecario 2 purchased mortgage transmission certificates from the participation issuer, Banco Santander Central Hispano, S.A. (Santander; AA-/Positive/A-1+), and issued six classes of floating-rate notes. The class A to E notes are backed by a pool of first-ranking mortgages secured over residential properties located in Spain and originated by Santander. The class F notes fund the reserve fund and are repaid with excess spread. The originator, Santander, is the largest banking group in Spain and among the 15 largest in Europe. It is also
