MADRID (Standard&Poor's) June 15, 2007—Standard&Poor's Ratings Services said today that it assigned its preliminary credit ratings to the €400 million floating-rate notes to be issued by AyT CajaGranada Hipotecario I Fondo de Titulización de Activos (see list below). This will be the sixth securitization of Caja de Ahorros de Granada's (CAJA GRANADA's) residential mortgage loans, and the first securitization where it is the sole originator. Before this transaction, CAJA GRANADA participated in combined securitizations where three or four originators were involved. In this transaction, CAJA GRANADA will securitize part of its growing residential mortgage-lending book. The loans, mainly originated in Andalucia, Catalonia, and Madrid, represent first-ranking securities. The reserve fund will be fully funded by a
