Various Rating Actions Taken In Spanish RMBS Transaction AyT CajaGranada Hipotecario I

OVERVIEW On March 23, 2018, we raised our unsolicited long-term sovereign rating on Spain to 'A-' from 'BBB+'. Following the sovereign upgrade, on April 6, 2018, we raised our long-term issuer credit rating on Banco Santander. On April 17, 2018, we revised our outlook assumptions for the Spanish residential mortgage market to benign to reflect the improved Spanish residential mortgage and real estate market, and lowered our projected losses at the 'B' rating level for the archetypal Spanish pool. On April 24, 2018, we placed on CreditWatch positive our ratings on AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos' class A and B notes, as we needed to conduct a full analysis to determine the impact of the recent

...OVERVIEW + On March 23, 2018, we raised our unsolicited long-term sovereign rating on Spain to 'A-' from '###+'. + Following the sovereign upgrade, on April 6, 2018, we raised our long-term issuer credit rating on Banco Santander. + On April 17, 2018, we revised our outlook assumptions for the Spanish residential mortgage market to benign to reflect the improved Spanish residential mortgage and real estate market, and lowered our projected losses at the 'B' rating level for the archetypal Spanish pool. + On April 24, 2018, we placed on CreditWatch positive our ratings on AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos' class A and B notes, as we needed to conduct a full analysis to determine the impact of the recent events. + Following our review of this transaction under our relevant criteria, we have taken various rating actions and resolved our CreditWatch placements. + AyT CajaGranada Hipotecario I is a Spanish RMBS transaction, which closed in June 2007 and securitizes...

Ratings Action