Various Rating Actions Taken In Spanish RMBS Transaction Santander Hipotecario 2 Following Review

OVERVIEW On March 23, 2018, we raised our unsolicited long-term sovereign rating on Spain to 'A-' from 'BBB+'. 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 Santander Hipotecario 2's class A, B, and C notes as we needed to conduct a full analysis to determine the impact of these recent events. Following our review under our relevant criteria, we have taken various rating actions in this transaction. We have also resolved our CreditWatch

...OVERVIEW + On March 23, 2018, we raised our unsolicited long-term sovereign rating on Spain to 'A-' from '###+'. + 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 Santander Hipotecario 2's class A, B, and C notes as we needed to conduct a full analysis to determine the impact of these recent events. + Following our review under our relevant criteria, we have taken various rating actions in this transaction. We have also resolved our CreditWatch placements. + Santander Hipotecario 2 is a Spanish RMBS transaction that closed in July 2006 and securitizes first-ranking mortgage loans. MADRID (S&P Global Ratings) July 9, 2018--S&P Global Ratings today raised and removed from CreditWatch positive its...

Ratings Action