Preliminary Ratings Assigned In Spanish ABS Of SMEs Transaction MADRID FTPYME II Dec 11

Standard & Poors, December 2011

Abstract
OVERVIEW We have assigned preliminary 'AAA (sf)' ratings to MADRID FTPYME II's class A1 and A2(G) notes. We based our ratings on our analysis of the credit and cash flow characteristics of the underlying asset pool, as well as the counterparty and operational risks in the transaction. The transaction will securitize a pool of mainly unsecured loans originated by Caja Madrid (now Bankia) and granted to self-employed, micro, small, medium, and large companies located in Spain. MADRID (Standard & Poor's) Dec. 21, 2011--Standard & Poor's Ratings Services today assigned its preliminary 'AAA (sf)' credit ratings to MADRID FTPYME II, Fondo de Titulizaci-n de Activos' class A1 and A2(G) notes (see list below). The main features of the transaction are: Caja...

Companies mentioned in this report are: MADRID FTPYME II, Fondo de Titulizacion de Activos
Action: Preliminary Rating

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.

MADRID FTPYME II, Fondo de Titulizacion de Activos

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