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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

  • Published: 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

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

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