OVERVIEW On April 30, 2012, we took rating actions on 16 Spanish banks following our downgrade of Spain. Four of those 16 Spanish banks have mortgage covered bonds (cédulas hipotecarias) that we rate, and which have been affected by our April 30 rating actions. Our criteria allow these mortgage covered bond programs to achieve a maximum rating uplift of seven notches above our long-term rating on the issuer. Today, we have taken rating actions on our long-term ratings on these four banks' mortgage covered bond programs and all related issuances, to reflect the rating actions on the banks. Our ratings on three of the four covered bond programs are on CreditWatch negative to reflect the issuers' credit ratings. Any negative
