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Ratings Lowered On Two NonAsset-Backed Notes In TDA Ibercaja 5 And Santander Empresas 2 Due To Missed Interest Payments Dec 09 Product Image

Ratings Lowered On Two NonAsset-Backed Notes In TDA Ibercaja 5 And Santander Empresas 2 Due To Missed Interest Payments Dec 09

  • ID: 1711639
  • December 2009
  • Standard & Poors

Abstract
OVERVIEW The issuers failed to pay interest on two non-asset-backed tranches in two Spanish securitizations (one tranche in each case). We lowered our ratings to 'D' on those tranches. MADRID (Standard & Poor's) Dec. 22, 2009--Standard & Poor's Ratings Services today lowered its credit ratings on two non-asset-backed classes of notes: One tranche in TDA Ibercaja 5, Fondo de Titulizacion de Activos, and one tranche in Fondo de Titulizacion de Activos Santander Empresas 2. All the other ratings in these transactions are unaffected by these downgrades (see list below). We lowered to 'D' the rating on the most junior classes of notes in these transaction following the issuers' failure to meet due interest payments on these notes on their most...

Companies mentioned in this report are:
- TDA Ibercaja 5, Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos Santander Empresas 2

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- TDA Ibercaja 5, Fondo de Titulizacion de Activos
- Fondo de Titulizacion de Activos Santander Empresas 2

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