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Ratings Lowered On Eight Tranches And Affirmed On Five Tranches In Three Of CAM's Spanish SME ABS Securitizations Nov 10 Product Image

Ratings Lowered On Eight Tranches And Affirmed On Five Tranches In Three Of CAM's Spanish SME ABS Securitizations Nov 10

  • Published: November 2010
  • Region: Spain
  • Standard & Poors

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

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- 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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