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Ratings Lowered On Eight Classes Of Notes In Four Of Banco Sabadell's Spanish SME Deals After Counterparty Downgrade Dec 11 Product Image

Ratings Lowered On Eight Classes Of Notes In Four Of Banco Sabadell's Spanish SME Deals After Counterparty Downgrade Dec 11

  • ID: 2031252
  • December 2011
  • Region: Spain
  • Standard & Poors

Abstract
OVERVIEW On Oct. 11, 2011, we lowered our rating on Banco Sabadell to A-/Negative/A-2. Banco Sabadell was the swap counterparty and bank account custodian in the four securitizations described below under their respective transaction documentation. As a consequence of the downgrade of Banco Sabadell, certain rating triggers relating to Banco Sabadell as a transaction party were breached in the respective transactions' swap and bank account agreements. We understand that although the contractual remedy period is still in force for the bank accounts, it has now lapsed in respect of collateral posting for the swaps. Under the swap agreements, posting of collateral was required within 10 business days of the counterparty downgrade; however, we have received confirmation that collateral has not...

Companies mentioned in this report are:
- IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos
- IM FTPYME SABADELL 7 Fondo de Titulizacion de Activos
- IM SABADELL EMPRESAS 5 , Fondo de Titulizacion de Activos

Action: Downgraded

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Note: Product cover images may vary from those shown

- IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos
- IM FTPYME SABADELL 7 Fondo de Titulizacion de Activos
- IM SABADELL EMPRESAS 5 , Fondo de Titulizacion de Activos

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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