Calificación Standard and Poor's

Class B
Class BCA: affirmed at AA+
Class BSA: upgraded to AA+ from AA

Calificación Fitch Ratings

Class A
Class A2: affirmed at AAA; Outlook Stable
Class A3: affirmed at AAA; Outlook Stable

Value IO: affirmed at AAA; Outlook Stable

Class B: affirmed at A+; Outlook revised to Positive from Stable

Class C: affirmed at A-; Outlook revised to Positive from Stable

Class D: affirmed at BB+; Outlook Stable

Bond B

Standard and Poor's has upgraded bond B of TDA IBERCAJA 1, to A+ (before A)

Bond C

Standard and Poor's has upgraded bond C of TDA IBERCAJA 1, to BBB+ (before BBB)

Bond D

Standard and Poor's has upgraded bond D of TDA IBERCAJA 1, to BB+ (before BB)

Bond A3

Fitch Ratings has affirmed bond A3 de TDA 7 a AAA; Stable Outlook

Bond B

Fitch Ratings has affirmed bond B de TDA 7 a AA+; Positive Outlook

Bond 1SA

Fitch Ratings has upgraded bond 1SA of FTPYME TDA 3, to AAA (beore AA)

Bond 2CA

Fitch Ratings has upgraded bond 2CA of FTPYME TDA 3, to AAA (before AA+)

Bond 2SA

Fitch Ratings has upgraded bond 2SA of FTPYME TDA 3, to AAA (before AA-)

Bond B

Fitch Ratings has upgraded bond B of FTPYME TDA 3, to BBB (before BB+)

Bond 2SA

Fitch Ratings has upgraded bond 2SA of FTPYME TDA CAM 1, to AA- (before A+)

Fitch Ratings has upgraded bond 2SA of FTPYME TDA CAM 1, to A+ (before A)

Bond B

Fitch Ratings has upgraded bond B of FTPYME TDA CAM 1, to BBB+ (before BBB)

Bond B

Moody's Investors Service has upgraded bond B of TDA 4, to A1 (before A2)

Bond B

Moody's Investors Service has upgraded bond B of TDA 5, to Aa1 (before Aa3)

Fitch Ratings has upgraded bond B of TDA 5, to AAA (before AA-)

Bond 1SA

Fitch Ratings has upgraded bond 1SA of FTPYME ICO TDA 2, to AAA (before AA)

Bond 2CA

Fitch Ratings has upgraded bond 2CA of FTPYME ICO TDA 2, to AAA (before AA+)

Bond 2SA

Fitch Ratings has upgraded bond 2SA of FTPYME ICO TDA 2, to AAA (before A)

Bond B

Fitch Ratings has upgraded bond B of FTPYME ICO TDA 2, to A (before BB)

Calificación Fitch Ratings

Class 1
Class 1SA: affirmed at AAA; Outlook Stable, assigned a Loss Severity (LS) rating of LS-3
Class 2
Class 2CA: affirmed at AAA; Outlook Stable
Class 2SA: downgraded to AA from AAA; Removed from RWN, assigned Outlook Stable, assigned LS-3

Class B: downgraded at BB from BBB; Removed from RWN, assigned Outlook Negative, assigned LS-3

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook Stable
Class B: upgraded to AA from AA-; Outlook remains Positive

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook Stable
Class B: upgraded to AA- from A+; Outlook remains Positive

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook Stable

Class B: upgraded to A+ from A; Outlook remains Positive

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook Stable

Class B: affirmed at A; Outlook Stable

Calificación Moody's

Class B: affirmed at A2; Negative Outlook

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook revised to Negative from Stable

Class B: downgraded to A- from A; Outlook revised to Negative from Stable

Calificación Moody's

Class B: downgraded to Baa3 from A2

Calificación Fitch Ratings

Class A: affirmed at AAA

Class B: affirmed at AA+

Class C: affirmed at A+; Outlook Stable

Class D: affirmed at BBB; Outlook Stable

Calificación Fitch Ratings

Bond: affirmed at AAA; Outlook Stable

Calificación Fitch Ratings

Class 1
Class 1CA: affirmed at AAA; Outlook Stable
Class 1SA: affirmed at AAA; Outlook Stable; Loss Severity Rating 'LS-1'

Class 2
Class 2SA: affirmed at AA+; Removed from RWN, assigned Outlook Stable; Loss Severity Rating 'LS-1'

Class B: downgraded to BB from BBB; Removed from RWN, assigned Outlook Negative; Loss Severity Rating 'LS-1'

Calificación Fitch Ratings

Class 1
Class 1CA: affirmed at AAA; Outlook Stable
Class 1SA: affirmed at AAA; Removed from RWN; Outlook Stable; Loss Severity Rating 'LS-1'

Class 2
Class 2SA: downgraded to BBB from AA+; Removed from RWN; Outlook Negative; Loss Severity Rating 'LS-2'

Class 3
downgraded to BB from BBB; Removed from RWN; Outlook Negative; Loss Severity Rating 'LS-3'

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook Stable
Class A2: affirmed at AAA; Outlook Stable

Class IO
Class IO: affirmed at AAA; Outlook Stable

Class B
Class B: affirmed at A; Outlook Stable

Class C
Class C: affirmed at BBB; Outlook Stable

Class D
Class D: affirmed at BB+; Outlook changed to Negative from Stable

Calificación Standard and Poor's

Class A
Class A1: affirmed at AAA;
Class A2: affirmed at AAA;

Class IO
Class IO: affirmed at AAA;

Class B
Class B: downgraded to BBB+ from A-;

Class C
Class C: downgraded to BB- from BBB;

Class D
Class D: downgraded to B- from BB;

Calificación Fitch Ratings

Class 1
Class 1SA: affirmed at AAA; Outlook Stable

Class 2
Class 2CA: affirmed at AAA; Outlook Stable
Class 2SA: affirmed at AA; Outlook Stable; assigned LS-3

Class 3
Class 3SA: affirmed at BBB; Removed from RWN, assigned Outlook Negative, assigned LS-3

Calificación Fitch Ratings

Class 1
Class 1SA: affirmed at AAA; Stable Outlook
Class 1CA: affirmed at AAA; Stable Outlook

Class 2
Class 2SA: downloaded to A from A+; Negative Outlook

Class 3
Class 3SA: downgraded to BB- from BB; Negative Outlook

Calificación Moody's

Class 2
Class 2SA: downloaded to Ba1 from A2

Class 3
Class 3SA: downgraded to Caa3 from Baa2

Calificación Fitch Ratings

Class A: downgraded to AA from AAA; Outlook Negative
Class IO: affirmed at AAA; Outlook Stable
Class B: downgraded to BB from A-; Outlook Negative
Class C: downgraded to CCC from BB+; assigned Recovery Rating 5
Class D: downgraded to CC from 'B'; assigned Recovery Rating 6

Calificación Standard and Poor's

Class A: downgraded to A+ from AAA
Class IO: Not rated
Class B: downgraded to D from CCC
Class C: downgraded to D from CCC
Class D: downgraded to D from CCC

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook revised to Negative from Stable
Class A2: affirmed at AAA; Outlook revised to Negative from Stable
Class A3: affirmed at AAA; Outlook revised to Negative from Stable

Class B
Class B: downgraded to BBB from A-; Outlook Negative

Calificación Moody's

Class A
Class A2: downgraded to Aa2 from Aaa
Class A3: downgraded to Aa2 from Aaa

Class B: downgraded to B3 from Baa2

Calificación Fitch Ratings

Class A
Class A1: downgraded to AA+ from AAA; Outlook revised to Negative from Stable
Class A2: downgraded to AA+ from AAA; Outlook revised to Negative from Stable
Class A3: downgraded to AA+ from AAA; Outlook revised to Negative from Stable

Class B
Class B: downgraded to BB+ from A-; Outlook Negative

Calificación Standard and Poor's

Class A
Class A1: affirmed at AAA: Watch Negative;
Class A2: affirmed at AAA: Watch Negative;
Class A3: affirmed at AAA: Watch Negative
Class A3: downgraded to BBB from A: Watch Negative

Calificación Moody's

Class A
Class A1: affirmed at Aaa: Negative Outlook;
Class A2: downgraded to Aa2 from Aaa
Class A3: downgraded to Aa2 to Aaa

Class B: downgraded to B3 from Baa1

Calificación Fitch Ratings

Group 1
Class 1-A1: affirmed at AAA; Outlook Stable
Class 1-A2: affirmed at AAA; Outlook Stable
Class 1-B: affirmed at A; Outlook Stable
Class 1-C: affirmed at BBB; Outlook Negative
Class 1-D: affirmed at CCC; Outlook Stable

Group 2
Class 2-A: affirmed at AAA; Outlook Stable
Class 2-B: affirmed at A-; Outlook Stable
Class 2-C: affirmed at CCC; Outlook Stable

Calificación Moody's

Group 1
Class 1-A2: affirmed at Aaa; Negative Outlook
Class 1-B: affirmed at Aa3; Negative Outlook
Class 1-C: affirmed at Baa1; Negative Outlook
Class 1-D: affirmed at Ca; Negative Outlook

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook Stable
Class A2: downgraded to AA from AAA; Outlook changed to Negative from Stable

Class B
Class B: downgraded to A+ from AA; Outlook changed to Negative from Stable

Class C
Class C: downgraded to BB+ from A; Outlook changed to Negative from Stable

Class D
Class D: downgraded to CCC from BBB; assigned a RR3 Recovery Rating

Class E
Class E: downgraded to CC from BB; assigned a RR6 Recovery Rating

Calificación Moody's

Class A
Class A1: affirmed at AAA
Class A2: downgraded to A1 from Aa1

Class B
Class B: downgraded to Ba1 from A1

Class C
Class C: downgraded to Caa2 from Baa2

Class D
Class D: downgraded to C from Ba2

Class E
Class E: downgraded to C from B1

Calificación Standard and Poor's

Class A
Class A2: affirmed at AA
Class B: downgraded to BBB- from A-

Class C: downgraded to B from BB

Class D: downgraded to CCC from B

Class E: affirmed at CCC

Moody's Note

Calificación Fitch Ratings

Class A: downgraded to AA from AAA

Class B: downgraded to BB from BBB

Class C: downgraded to CCC from B

Calificación Moody's

Class A: downgraded to A2 from Aaa

Class B: downgraded to Caa1 from A3

Class C: downgraded to Ca from Baa3

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook Stable
Class A2: affirmed at A+; Outlook Stable
Class A3: affirmed at A+; Outlook Stable

Class B
Class B: affirmed at BB; Outlook Negative

Class C
Class C: affirmed at CCC

Class D
Class D: affirmed at C

Calificación Standard and Poor's

Class A
Class A1: affirmed at AAA: Watch Negative;
Class A2: affirmed at AAA: Watch Negative;
Class A3: affirmed at AAA: Watch Negative;

Class B: downgraded to BBB from A-(Watch Negative)

Class C: downgraded to BB- from BBB(Watch Negative)

Class D: downgraded to D from CCC-

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook Stable
Class A2: affirmed at AAA; Outlook revised to Negative from Stable
Class A3: affirmed at AAA; Outlook revised to Negative from Stable

Value IO: affirmed at AAA; Outlook Stable

Class B: downgraded to AA- from AA; Outlook revised to Negative from Stable

Class C: downgraded to BBB from A; Outlook revised to Negative from Stable

Class D: downgraded to BB from BBB; Outlook Negative

Class E: downgraded to CCC from BB; removed from Rating Watch Negative; assigned Recovery Rating RR4

Class F: downgraded to CC from B+; removed from Rating Watch Negative; assigned Recovery Rating RR6

Calificación Standard and Poor's

Class A
Class A1: affirmed at AAA
Class A2: affirmed at AAA
Class A3: affirmed at AAA

Class B: downgraded to A from AA

Class C: downgraded to BBB- from A

Class D: downgraded to BB- from BBB-

Class E: downgraded to B- from BB-

Class F: downgraded to D from B

Class NAS-IO: affirmed at AAA

Calificación Fitch Ratings

Class A: downgraded to AA+ from AAA; Outlook revised to Negative from Stable

Value IO: affirmed at AAA; Outlook Stable

Class B: downgraded to AA- from AA; Outlook revised to Negative from Stable

Class C: downgraded to BBB from A; Outlook revised to Negative from Stable

Class D: downgraded to BB from BBB; Outlook is Negative

Class E: downgraded to CCC from BB; removed from Rating Watch Negative; assigned Recovery Rating RR4

Class F: downgraded to CC from B; removed from Rating Watch Negative; assigned Recovery Rating RR4

Calificación Standard and Poor's

Class A: downgraded to AA from AAA; Watch Negative

Class B: downgraded to CCC from AA

Class C: downgraded to CCC from A

Class D: downgraded to D from BBB

Class E: downgraded to D from BB

Class F: downgraded to D from B-

Calificación Moody's

Class A
Class A1: affirmed at Aaa
Class A2: affirmed at Aaa
Class A3: downgraded to A1 from Aa2

Class B: downgraded to Ba1 from A2

Class C: downgraded to Caa2 from Baa2

Class D: downgraded to C from Ba3

Class E: downgraded to C from B3

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook Stable
Class A2: downgraded to AA- from AAA; Outlook changed to Negative from Stable
Class A3: downgraded to AA- from AAA; Outlook changed to Negative from Stable

Class B
Class B: downgraded to A- from AA; Outlook changed to Negative from Stable

Class C
Class C: downgraded to BB from A-; Outlook Negative

Class D
Class D: downgraded to CCC from BBB-; Assigned a RR4 Recovery Rating

Class E
Class E: downgraded to CC from BB-; Assigned a RR6 Recovery Rating

Calificación Standard and Poor's

Class A
Class A2: affirmed at AA
Class A3: affirmed at AA

Class B: downgraded to BB from BBB

Class C: downgraded to B from BB

Class D: affirmed at CCC

Class E: downgraded to D from CCC

Moody's Note

Calificación Moody's

Class A
Class A1: affirmed at Aaa
Class A2: downgraded to Aa2 from Aaa
Class A3: downgraded to A3 from Aa2

Class B: downgraded to B1 from A2

Class C: downgraded to Ca from Baa2

Class D: downgraded to C from Ba2

Class E: downgraded to C from B3

Calificación Fitch Ratings

Class A
Class A1: downgraded to AA- from AAA; Outlook changed to Negative from Stable
Class A2: downgraded to A+ from AAA; Outlook changed to Negative from Stable
Class A3: downgraded to A+ from AAA; Outlook changed to Negative from Stable

Class B
Class B: downgraded to BBB from AA; Outlook changed to Negative from Stable

Class C
Class C: downgraded to B from A; Outlook Negative

Class D
Class D: Class D: downgraded to CCC from BBB-; Assigned a RR5 Recovery Rating

Class E
Class E: downgraded to CC from BB-; Assigned a RR6 Recovery Rating

Calificación Standard and Poor's

Class A
Class A1: affirmed at AA
Class A2: affirmed at AA
Class A3: affirmed at AA

Class B: downgraded to B from BB

Class C: downgraded to C from B

Class D: downgraded to D from CCC

Class E: downgraded to D from CCC

Moody's Note

Calificación Fitch Ratings

Class A: downgraded to AA from AAA; Outlook revised to Negative from Stable

Class B: downgraded to BBB from A; Outlook Negative

Class C: downgraded to B from BBB-; Outlook Negative

Class D: affirmed at CC; assigned a Recovery Rating of RR5

Calificación Standard and Poor's

Class A: affirmed at AAA: Watch Negative

Class B: affirmed at BBB; Watch Negative

Class C: affirmed at BB; Watch Negative

Class D: downgraded to D from CCC-

Calificación Moody's

Class A: downgraded to Aa1 from Aaa

Class B: downgraded to Ba3 from A3

Class C: downgraded to Caa2 from Ba1

Class D: downgraded to C from Ca

Calificación Fitch Ratings

Class A
Class A1: downgraded to AA from AAA; Outlook revised to Negative from Stable
Class A2: downgraded to AA from AAA; Outlook revised to Negative from Stable
Class A3: downgraded to AA from AAA; Outlook revised to Negative from Stable

Class B: downgraded to BBB from A; Outlook Negative

Class C: downgraded to B from BBB-; Outlook Negative

Class D: downgraded to CC from CCC; assigned a Recovery Rating of RR5

Calificación Standard and Poor's

Class A
Class A1: affirmed at AAA: Watch Negative;
Class A2: affirmed at AAA: Watch Negative;
Class A3: affirmed at AAA: Watch Negative

Class B: affirmed at BBB; Watch Negative

Class C: downgraded to CCC from BB

Class D: downgraded to D from CCC-

Calificación Moody's

Class A
Class A1: downgraded to Aa3 from Aaa
Class A2: downgraded to Aa3 from Aa1
Class A3: downgraded to Aa3 from Aa1

Class B: downgraded to Ba3 from A3

Class C: downgraded to Ca from Ba2

Class D: downgraded to C from Ca

Calificación Fitch Ratings

Class A
Class A1: affirmed at AAA; Outlook Stable
Class A2: affirmed at AAA; Outlook Stable

Class B: affirmed at A; Outlook changed to Negative from Stable

Class C: affirmed at BBB; Outlook changed to Negative from Stable

Class D: affirmed at CCC; Outlook Stable

Calificación Fitch Ratings

Class A
Class A2: downgraded to AA from AAA

Class B: affirmed at BBB

Class C: downgraded to CCC from B

Calificación Standard and Poor's

Class A
Class A2: affirmed at AAA; Watch Negative

Class B: affirmed at A; Watch Negative

Class C: downgraded to BB from BBB(Watch Negative)

Calificación Standard and Poor's

Class A: affirmed at AA(from Watch Negative)

Class B: affirmed at BBB(from Watch Negative)

Class C: affirmed at B(from Watch Negative)

Class D: affirmed at D

Calificación Standard and Poor's

Class A
Class A2: affirmed at AAA; Watch Negative
Class A3(CA): affirmed at AA; Watch Negative

Class B: downgraded to BBB+ from A

Class C: downgraded to BB- from BBB-(Watch Negative)

Class D: downgraded to D from CCC-

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Calificación Moody's

Class A
Class A2: downloaded to Aa3 from Aaa

Class B: downgraded to B1 from A2

Class C: downgraded to Caa3 from Baa3

Class D: downgraded to C from Ca

Calificación Moody's

Class A: downgraded to Baa1 from Aa2

Class B: downgraded to B3 from Baa2

Class C: downgraded to Caa3 from B3

Calificación Standard and Poor's

Class A: affirmed at AA(from Watch Negative)

Class B: affirmed at A(from Watch Negative)

Class C: affirmed at B(from Watch Negative)

Calificación Standard and Poor's

Class A
Class A1: downgraded to AA- from 'AAA(Watch Negative)'
Class A2: downgraded to AA- from 'AAA(Watch Negative)'

Class B: downgraded to A- from 'AA(Watch Negative)'

Class C: downgraded to BB from 'A-(Watch Negative)'

Class D: downgraded to B from 'BB(Watch Negative)'

Class E: downgraded to B- from 'B(Watch Negative)'

Calificación Fitch Ratings

Class 1
Class 1SA: affirmed at AAA; Outlook Stable, assigned LS-3

Class 2
Class 2CA: affirmed at AAA; Outlook Stable
Class 2SA: downgraded to A from AA; Removed from RWN, assigned Outlook Negative, assigned LS-3

Class 3
Class 3SA: downgraded to B from BBB; Removed from RWN, assigned a Outlook Negative, assigned LS-4

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook Stable

Class B: affirmed at A+; Outlook Stable

Class C: affirmed at BBB+; Outlook Stable

Calificación Moody's

Class A: affirmed at Aaa; Negative Outlook

Class B: affirmed at Aa2; Negative Outlook

Class C: affirmed at Baa1; Negative Outlook

Calificación Moody's

Class A: affirmed at Aaa; Negative Outlook

Class B: affirmed at A2; Negative Outlook

Class C: affirmed at Baa3; Negative Outlook

Calificación Moody's

Bond: downgraded to Aa1 from Aaa

Calificación Fitch Ratings

Class A: affirmed at AAA; Stable Outlook

Class B: affirmed at A; Negative Outlook

Class C: downgraded to BB from BBB; Negative Outlook

Class D: downgraded to B from BB; Negative Outlook

Class E: affirmed at CC

Calificación Moody's

Bond A: downgraded to Aa1 from Aaa

Calificación Moody's

Series A1: downgraded to Aa1 from Aaa
Series A3: downgraded to Aa1 from Aaa
Series A4: downgraded to Aa1 from Aaa
Series A5: downgraded to Aa1 from Aaa
Series A6: downgraded to Aa1 from Aaa

Calificación Moody's

Bond A: affirmed at Aaa

Calificación Moody's

Bond A: affirmed at Aaa

Calificación Moody's

Bond A: affirmed at Aaa

Calificación Fitch Ratings

Bond A: affirmed at AAA; Stable Outlook

Calificación Moody's

Bond A: downgraded to Aa1 from Aaa

Calificación Fitch Ratings

Bond A: affirmed at AAA; Stable Outlook

Calificación Standard and Poor's

Series E: downgraded to D from CCC-

Calificación Moody's

Class B: downgraded to Baa3 from A2

Class C: downgraded to Caa1 from Ba1

Calificación Moody's

Class 3SA: downgraded to Ba3 from Baa3

Calificación Fitch Ratings

Class A: affirmed at AAA; Outlook Stable; assigned Loss Severity (LS) rating 'LS-1'

Class B: affirmed at A; Outlook revised to Negative from Stable; assigned 'LS-2'

Class C: downgraded to BBB- from BBB; Outlook Negative; assigned 'LS-3'

Calificación Standard and Poor's

Class A
Class A1: affirmed at AAA; Watch Negative
Class A2: affirmed at AAA; Watch Negative
Class A3: affirmed at AAA; Watch Negative
Class A4: affirmed at AAA; Watch Negative

Class B: downgraded to BBB- from A-(with Watch Negative)

Class C: downgraded to B from BBB-(with Watch Negative)

Class D: downgraded to D from CCC-

Calificación Moody's

Class A
Class A1: downgraded to Aa1 from Aaa
Class A2: downgraded to A3 from Aa1
Class A3: downgraded to A3 from Aa1
Class A4: downgraded to A3 from Aa1

Class B: downgraded to B3 from Baa2

Class C: downgraded to C from B3

Moody's Note