Ratings Lowered On Eight Tranches And Affirmed On Five Tranches In Three Of CAM's Spanish SME ABS Securitizations

Standard & Poors, November 2010

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.

Abstract
OVERVIEW We have reviewed three CAM-originated Spanish ABS SME transactions. We have lowered our ratings on eight tranches and affirmed our ratings on five tranches. Loans that CAM granted to Spanish SMEs comprise the pools that back each transaction. MADRID (Standard & Poor's) Nov. 16, 2010--Standard & Poor's Ratings Services today took various rating actions on all classes of notes in three Caja de Ahorro del Mediterraneo (CAM) transactions. The three transactions are securitizations of loans granted to Spanish small and midsize enterprises (SMEs). Specifically, we have: Lowered and removed from CreditWatch negative our ratings on Empresas Hipotecario TDA CAM 3's (EH CAM 3) class A2, B, and C notes, Ftpyme TDA CAM 4's (FT CAM 4) class C notes,...

Companies mentioned in this report are: Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos,FTPYME TDA CAM 4, Fondo de Titulizacion de Activos,EMPRESAS HIPOTECARIO TDA CAM 5, Fondo de Titulizacion de Activos
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch

Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos,FTPYME TDA CAM 4, Fondo de Titulizacion de Activos,EMPRESAS HIPOTECARIO TDA CAM 5, Fondo de Titulizacion de Activos

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