Rating Lowered On Spanish SME CLO Transaction IM BANCO POPULAR FTPYME 1's Class C Notes

Standard & Poors, March 2011

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 Since June 2010 we have observed further deterioration in the performance and credit enhancement levels in IM BANCO POPULAR FTPYME 1. We have therefore lowered and removed from CreditWatch negative our rating on the class C notes. We have also affirmed our rating on the class B notes. The class A(G) notes remain on CreditWatch negative in relation to our publication of updated counterparty criteria. IM BANCO POPULAR FTPYME 1, which closed in December 2004, is a securitization of loans to SMEs originated by Banco Popular Espa-ol. MADRID (Standard & Poor's) March 9, 2011--Standard & Poor's Ratings Services today lowered and removed from CreditWatch negative its credit rating on IM BANCO POPULAR FTPYME 1, Fondo de Titulizaci-n de Activos'...

Companies mentioned in this report are: IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos
Action: Affirmed
Action: CreditWatch Update
Action: Downgraded
Action: Removed From CreditWatch

IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos

Customers who bought this item also bought

• Defense Expenditure in Spain to 2017: Market Review
• The Spanish Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• Spain Defence and Security Report Q4 2012
• The Spain Defense Industry - Industry Dynamics to 2017: Market Profile
• Language Schools (Spain)
• Homeland Security Expenditure in Spain to 2017: Market Review
• Aerospace (Spain)
• Aerospace (Spain)
• The Spain Defense Industry - Market Entry Strategy to 2017: Market Profile
• Spain Defence and Security Report Q4 2011