OVERVIEW The downgrades reflect continued deterioration of the underlying mortgage portfolios and our view that delinquencies will continue to rapidly increase over the next few quarters. We have lowered our ratings on various notes in four RMBS transactions originated by Banco Santander. The results of our analysis showed that, as a result of continued portfolio deterioration, the credit enhancement available to the downgraded notes was no longer commensurate with the prior ratings. The portfolios comprise residential mortgage loans secured over properties in Spain, originated and serviced by Banco Santander. MADRID (Standard&Poor's) Aug. 5, 2009--Standard&Poor's Ratings Services today lowered several of its credit ratings across four Spanish residential mortgage-backed securities (RMBS) transactions originated by Banco Santander S.A.
