Various Rating Actions Taken On Spanish RMBS Transactions Hipocat 10 And 11

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 We placed or kept our ratings on six Hipocat Spanish RMBS deals on CreditWatch negative in July 2010 due to potential reporting issues for this shelf of transactions. As of today, and after having received updated and what we believe correct information, we are in a position to resolve the CreditWatch negative placement on the affected notes. We received confirmation from the trustee that the underestimation affected Hipocat 10 and 11, and as a consequence we downgraded them in July 2010. Today, following a credit analysis, we have affirmed our ratings in Hipocat 11 and, based on a further deterioration of the performance of the assets securitized, we have lowered our ratings on classes A2, A3, and B in...

Companies mentioned in this report are: Hipocat 10, Fondo de Titulizacion de Activos,Hipocat 11, Fondo de Titulizacion de Activos
Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

Hipocat 10, Fondo de Titulizacion de Activos,Hipocat 11, Fondo de Titulizacion de Activos

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