OVERVIEW On Feb. 15, 2013, we placed on CreditWatch negative our ratings on various classes of notes in Santander Hipotecario 1, 2, and 3 for counterparty reasons. Although overall delinquencies have fallen slightly in these transactions, we have observed that severe delinquencies are rolling over into defaults, which are reducing the available credit enhancement in these transactions. Following our review of the transactions and the application of our relevant criteria, we have today taken various rating actions in Santander Hipotecario 1, 2, and 3. These three Spanish RMBS transactions securitize residential mortgage loans granted to individuals to buy a property. MADRID (Standard&Poor's) July 26, 2013--Standard&Poor's Ratings Services today took various credit rating actions in Fondo de
