LONDON (Standard&Poor's) June 20, 2006—Standard&Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €1.955 billion mortgage-backed floating-rate notes to be issued by Fondo de Titulización de Activos Santander Hipotecario 2. In addition, an overissuance of €17.600 million floating-rate notes (the class F notes) will be issued. (see list below). Santander Hipotecario 2 will purchase mortgage transmission certificates from the participation issuer, Banco Santander Central Hispano, S.A. (Santander; AA-/Positive/A-1+), and will issue 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 will fund the reserve fund and
