MADRID (Standard&Poor's) June 24, 2009—Standard&Poor's Ratings Services has today taken rating actions on five Spanish residential mortgage-backed securities (RMBS) transactions originated and serviced by Banco Santander S.A. (Santander; AA/Negative/A-1+). Specifically, we: -- Raised the ratings on the class B, C, and D notes issued by Fondo de Titulizacion de Activos Santander Hipotecario 1 (Santander 1); -- Placed on CreditWatch negative the class A notes and downgraded the class B, C, D and E notes issued by Fondo de Titulizacion de Activos Santander Hipotecario 2 (Santander 2), Fondo de Titulizacion de Activos Santander Hipotecario 3 (Santander 3), and Fondo de Titulizacion de Activos Santander Hipotecario 4 (Santander 4); and -- Placed the ratings on the class D