Spanish SME Performance Report: Delinquencies For Spanish SME Asset-Backed Securities Transactions Reach A New High Jul 09

Standard & Poors, July 2009

Abstract
Standard & Poor's Ratings Services has seen the performance of Spanish securitizations backed by loans to small and midsize enterprises (SMEs) that it rates continue to decline in line with the ongoing deterioration in the Spanish economy. According to Bank of Spain statistics, the number of nonperforming loans granted by Spanish financial entities had increased to 4.4% by April 2009, almost quadruple what it was at the start of 2008 and the highest level for 13 years. At the same time, Spanish SME transactions that we rate reported their highest delinquency rates across all arrears buckets. As of April, the weighted-average of 90-365 day delinquent loans represented 2.29% of the outstanding collateral balance of the transactions we rate, up from...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros del Mediterraneo
- Banco Pastor, S.A.
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Caja de Ahorros de Valencia, Castellon y Alicante
- CIBELES III FTPYME, Fondo de Titulizacion de Activos
- FTPYME Bancaja 3, Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos, FTPYME Santander 2
- BBVA-3 FTPYME, Fondo de Titulizacion de Activos
- IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos
- CM Bancaja 1, Fondo de Titulizacion de Activos
- BBVA-4 PYME Fondo de Titulizacion de Activos
- Santander Empresas 1, Fondo de Titulizacion de Activos
- EDT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS
- IM TERRASSA 1 FTGENCAT, Fondo de Titulizacion de Activos
- Bankinter 2 PYME, Fondo de Titulizacion de Activos
- Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos
- IM GRUPO BANCO POPULAR EMPRESAS 1, Fondo de Titulizacion de Activos
- BBVA-5 FTPYME Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos PYMES Banesto 2
- GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos
- IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos Santander Empresas 2
- FTPYME TDA CAM 4, Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos Santander Empresas 3
- BBVA-6 FTPYME Fondo de Titulizacion de Activos
- GC FTPYME SABADELL 6, Fondo de Titulizacion de Activos
- IM GRUPO BANCO POPULAR FTPYME II, Fondo de Titulizacion de Activos
- FTPYME Bancaja 6, Fondo de Titulizacion de Activos
- EMPRESAS HIPOTECARIO TDA CAM 5, Fondo de Titulizacion de Activos
- IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos
- BBVA Empresas 1, Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos Santander Empresas 4
- Bankinter 3 FTPYME, Fondo de Titulizacion de Activos
- Foncaixa FTGENCAT 5, Fondo de Titulizacisn de Activos
- IM FTGENCAT Sabadell 3, Fondo de Titulizacion de Activos
- BBVA-7 FTGENCAT Fondo de Titulizacion de Activos
- Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos
- BBVA-8 FTPYME Fondo de Titulizacion de Activos
- Bankinter 4 FTPYME Fondo de Titulizacion de Activos
- IM FTPYME SABADELL 7 Fondo de Titulizacion de Activos
- IM FTGENCAT SABADELL 4, Fondo de Titulizacion de Activos

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