Santander Hipotecario 2 Spanish RMBS Ratings Raised On Three Classes; Three Classes Affirmed Following Criteria Revision

We have reviewed Santander Hipotecario 2 following the expansion of the global RMBS criteria's scope to include Spain, among other countries. We have raised our ratings on the class B, C, and D notes. At the same time, we have affirmed our ratings on the class A, E, and F notes. Santander Hipotecario 2 is a Spanish RMBS transaction, which closed in July 2006 and securitizes a portfolio of first-ranking mortgage loans. MADRID (S&P Global Ratings) Feb. 25, 2021--S&P Global Ratings today raised its credit ratings on Fondo de Titulizacion de Activos Santander Hipotecario 2's class B, C, and D notes to 'AAA (sf)', 'AA+ (sf)', and 'A (sf)' from 'AA+ (sf)', 'AA- (sf)', and 'BBB- (sf)', respectively. At the

...- We have reviewed Santander Hipotecario 2 following the expansion of the global RMBS criteria's scope to include Spain, among other countries. - We have raised our ratings on the class B, C, and D notes. At the same time, we have affirmed our ratings on the class A, E, and F notes. - Santander Hipotecario 2 is a Spanish RMBS transaction, which closed in July 2006 and securitizes a portfolio of first-ranking mortgage loans. MADRID (S&P Global Ratings) Feb. 25, 2021--S&P Global Ratings today raised its credit ratings on Fondo de Titulizacion de Activos Santander Hipotecario 2's class B, C, and D notes to '### (sf)', '##+ (sf)', and 'A (sf)' from '##+ (sf)', '##- (sf)', and '###- (sf)', respectively. At the same time, we have affirmed our '### (sf)', 'B- (sf)', and 'D (sf)' ratings on the class A, E, and F notes, respectively. Today's rating actions follow the implementation of our revised criteria and assumptions for assessing pools of Spanish residential loans (see "Related Criteria")....

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