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

OVERVIEW On June 9, 2015, we took various rating actions on certain U.K. and German banks, including Barclays Bank, which is the transaction account provider for AyT CajaGranada Hipotecario I. In October, we placed on CreditWatch positive our rating on the class A notes in AyT CajaGranada Hipotecario I, following our upgrade of Spain. We have affirmed and removed from CreditWatch positive our 'A- (sf)' rating on the class A notes because it is capped at that level by our Spanish RMBS and our current counterparty criteria. At the same time, we have lowered our ratings on the class C and D notes due to the proximity of them breaching their interest deferral triggers. AyT CajaGranada Hipotecario I is a

...OVERVIEW + On June 9, 2015, we took various rating actions on certain U.K. and German banks, including Barclays Bank, which is the transaction account provider for AyT CajaGranada Hipotecario I. + In October, we placed on CreditWatch positive our rating on the class A notes in AyT CajaGranada Hipotecario I, following our upgrade of Spain. + We have affirmed and removed from CreditWatch positive our 'A- (sf)' rating on the class A notes because it is capped at that level by our Spanish RMBS and our current counterparty criteria. + At the same time, we have lowered our ratings on the class C and D notes due to the proximity of them breaching their interest deferral triggers. + AyT CajaGranada Hipotecario I is a Spanish RMBS transaction, which closed in June 2007 and securitizes first-ranking mortgage loans. Caja de Ahorros de Granada (now Banco Mare Nostrum) originated the pool, which comprises loans granted to Spanish residents, mainly located in Andalucia. MADRID (Standard & Poor's) Dec....

Ratings Action