TdA. Titulización de Activos

TdA

Titulización de Activos

miércoles 20 de marzo de 2019
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Recalificaciones

SOL-LION

Calificación Standard and Poor's

Class A
Bond A: affirmed at AA(sf)

Class B
Bond B: upgraded to A+(sf) from A(sf)

Class C
Bond C: downgraded to BBB(sf) from A-(sf)

Calificación Fitch Ratings

Class A
Bond A: affirmed at AA+(sf); Outlook Stable

Class B
Bond B: upgraded to A+(sf) from A(sf); Outlook Stable

Class C
Bond C: affirmed at BBB(sf); Outlook revised to Positive from Stable

TDA SA NOSTRA EMPRESAS 1

Calificación Fitch Ratings

Class A
Bond A: affirmed at A(sf); Outlook Stable

Class B
Bond B: affirmed at A(sf); Outlook revised to Negative from Stable

Class C
Bond C: affirmed at BB+(sf); Outlook Negative

Class D
Bond D: affirmed at BB+(sf); Outlook Negative

Class E
Bond E: affirmed at BB+(sf); Outlook Negative

MADRID RMBS II

Calificación Moody's

Class A
Bond A1: Not rated from Aaa(sf)
Bond A2: affirmed at A1(sf)
Bond A3: upgraded to A1(sf) from A3(sf)

Class B
Bond B: upgraded to Baa3(sf) from Ba1(sf)

Class C
Bond C: upgraded to B3(sf) from Caa1(sf)

Class D
Bond D: downgraded to C(sf) from Ba3(sf)

Class E
Bond E: downgraded to C(sf) from B3(sf)

Calificación Fitch Ratings

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to BBB-(sf) from BBB(sf); Rating Outlook Negative
Bond A3: downgraded to BBB-(sf) from BBB(sf); Rating Outlook Negative

Class B
Bond B: downgraded to BB-(sf) from BB(sf); Rating Outlook Negative

Class C
Bond C: downgraded to B-(sf) from B(sf); Rating Outlook Negative

Class D
Bond D: affirmed at CCC(sf); Recovery Estimate 0%

Class E
Bond E: affirmed at CC(sf); Recovery Estimate 0%

Calificación Standard and Poor's

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: affirmed at A+(sf)
Bond A3: downgraded to BBB(sf) from A+(sf)

Class B
Bond B: upgraded to BBB-(sf) from BB-(sf)

Class C
Bond C: affirmed at B-(sf)

Class D
Bond D: affirmed at CCC+(sf)

Class E
Bond E: affirmed at D(sf)

CAIXA PENEDES PYMES 1 TDA

Calificación Fitch Ratings

Class A
Bond A: affirmed at AA(sf); Outlook revised to Negative from Stable

Class B
Bond B: downgraded to BB(sf) from BBB(sf); removed from Rating Watch Negative; Outlook Negative

Class C
Bond C: downgraded to CCC(sf) from B-(sf); removed from Rating Watch Negative; Recovery Estimate 25%

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: upgraded to Ba1(sf) from Ba2(sf)

Class C
Bond C: affirmed at Caa3(sf)

CAIXA PENEDES FTGENCAT 1 TDA

Calificación Fitch Ratings

Class A
Bond A1: affirmed at AA+(sf); Outlook Stable
Bond A2(CA): affirmed at AA+(sf); Outlook Stable

Class B
Bond B: affirmed at AA(sf); Outlook revised to Stable from Negative

Class C
Bond C: affirmed at BB+(sf); removed from Rating Watch Negative; Outlook Negative

TDA CCM CONSUMO 1

Calificación Fitch Ratings

Class A
Bond A: affirmed at AAA(sf); Outlook Negative

Class B
Bond B: upgraded to AA(sf) from A(sf); Outlook Stable

Class C
Bond C: upgraded to BBB(sf) from BB+(sf); Outlook Stable

TDA SA NOSTRA EMPRESAS 2

Calificación Fitch Ratings

Class A
Bond A: affirmed at A(sf); Outlook Stable

Class B
Bond B: affirmed at A(sf); Outlook Stable

Class C
Bond C: affirmed at BB+(sf); Outlook Negative

Class D
Bond D: affirmed at BB+(sf); Outlook Negative

Calificación Standard and Poor's

Class A
Bond A: Not Rated from A-(sf)

Class B
Bond B: Not Rated from B+(sf)

Class C
Bond C: Not Rated from B(sf)

Class D
Bond D: Not Rated from B(sf)

MADRID RMBS I

Calificación Fitch Ratings

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to BBB-(sf) from BBB(sf); Rating Outlook Negative

Class B
Bond B: downgraded to BB-(sf) from BB(sf); Rating Outlook Negative

Class C
Bond C: downgraded to B-(sf) from B(sf); Rating Outlook Negative

Class D
Bond D: affirmed at CCC(sf); Recovery Estimate 0%

Class E
Bond E: affirmed at CC(sf); Recovery Estimate 0%

Calificación Moody's

Class A
Bond A1: Not rated from Aaa(sf)
Bond A2: upgraded to A2(sf) from A3(sf)

Class B
Bond B: downgraded to Baa3(sf) from Ba2(sf)

Class C
Bond C: affirmed at Caa1(sf)

Class D
Bond D: downgraded to C(sf) from Ba2(sf)

Class E
Bond E: downgraded to C(sf) from B1(sf)

Calificación Standard and Poor's

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to BBB(sf) from A-(sf)

Class B
Bond B: upgraded to BB+(sf) from BB-(sf)

Class C
Bond C: affirmed at B-(sf)

Class D
Bond D: affirmed at CCC+(sf)

Class E
Bond E: affirmed at CCC-(sf)

TDA CCM EMPRESAS 1

Calificación Moody's

Class C
Bond C: downgraded to A1(sf) from Aa2(sf)

MADRID RMBS IV

Calificación Standard and Poor's

Class A
Bond A1: affirmed at A(sf)
Bond A2: affirmed at A(sf)

Class B
Bond B: downgraded to BBB(sf) from A(sf)

Class C
Bond C: downgraded to BB-(sf) from BB+(sf)

Class D
Bond D: affirmed at CCC(sf)

Class E
Bond E: affirmed at CC(sf)

Calificación Moody's

Class A
Bond A1: affirmed at A1(sf); placed on review for possible upgrade
Bond A2: affirmed at A3(sf); placed on review for possible upgrade

FTPYME TDA BANCA MARCH

Calificación Moody's

Class 2
Bond 2CA: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade
Bond 2SA: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

Class 3
Bond 3SA: affirmed at Ba3(sf); placed under review for possible downgrade

CIBELES III FTPYME

Calificación Standard and Poor's

Class B
Bond BCA: downgraded to A(sf) from AA+(sf); removed from Watch Negative
Bond BSA: downgraded to A(sf) from AA+(sf); removed from Watch Negative

Class C
Bond C: upgraded to AA(sf) from BBB(sf)

Calificación Moody's

Class B
Bond BCA: affirmed at A3(sf); removed from placed under review for possible downgrade
Bond BSA: affirmed at A3(sf); removed from placed under review for possible downgrade

Class C
Bond C: upgraded to Aa2(sf) from A1(sf)

TDA 19-MIXTO

Calificación Fitch Ratings

Class A
Bond A: upgraded to AA+(sf) from AA-(sf); Outlook Stable

Class B
Bond B: upgraded to AA+(sf) from AA-(sf); Outlook Stable

Class C
Bond C: upgraded to AA(sf) from A+(sf); Outlook revised to Stable from Negative

Class D
Bond D: affirmed at BBB+(sf); Outlook revised to Stable from Negative

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: affirmed at Aa3(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at Baa1(sf); placed under review for possible upgrade

Class D
Bond D: affirmed at Ba2(sf); placed under review for possible upgrade

TDA CAJAMAR 2

Calificación Fitch Ratings

Class A
Bond A2: affirmed at AA+(sf); Outlook Stable
Bond A3: affirmed at AA+(sf); Outlook Stable

Class B
Bond B: affirmed at A(sf); Outlook Stable

Class C
Bond C: affirmed at A-(sf); Outlook Stable

Class D
Bond D: affirmed at BB+(sf); Outlook Stable

Calificación Standard and Poor's

Class A
Bond A2: upgraded to AA(sf) from AA-(sf)
Bond A3: downgraded to A(sf) from AA-(sf)

Class B
Bond B: affirmed at A(sf)

Class C
Bond C: upgraded to A-(sf) from BBB(sf)

Class D
Bond D: upgraded to BBB-(sf) from BB-(sf)

FTPYME TDA CAM 9

Calificación Moody's

Class A
Bond A1: Not rated from Aa2(sf)
Bond A2(G): upgraded to Aa2(sf) from A1(sf)

Calificación DBRS

Class A
Bond A2(G): upgraded to AAA(sf) from AA(high)(sf)

TDA CAM 12

Calificación Moody's

Class A
Bond A1: Not rated from Aa2(sf)
Bond A2: affirmed at Aa3(sf); placed under review for possible upgrade
Bond A3: affirmed at Aa3(sf); placed under review for possible upgrade
Bond A4: affirmed at Aa3(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at A1(sf); placed under review for possible upgrade

Class C
Bond C: upgraded to Ba3(sf) from B1(sf)

Calificación Fitch Ratings

Class A
Bond A1: Not rated from A+(sf)
Bond A2: affirmed at A-(sf); Rating Outlook Positive from Negative
Bond A3: affirmed at A-(sf); Rating Outlook Positive from Negative
Bond A4: affirmed at A-(sf); Rating Outlook Positive from Negative

Class B
Bond B: affirmed at BBB(sf); Rating Outlook Positive from Negative

Class C
Bond C: upgraded to B(sf) from CCC(sf); Outlook Stable from RE 85%

MADRID CONSUMO I

Calificación Standard and Poor's

Class A
Bond A: downgraded to A(sf) from AA-(sf); Watch Negative

Calificación Moody's

Class A
Bond A: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

TDA 21

Calificación Standard and Poor's

Class 1
Class A1: affirmed at AAA(sf)
Class B1: affirmed at A(sf)

Class 2
Class B2: affirmed at BBB(sf)

TDA IBERCAJA 1

Calificación Standard and Poor's

Class A
Bond A: downgraded to A+(sf) from AA-(sf)

Class B
Bond B: affirmed at BBB(sf)

Class C
Bond C: affirmed at BB+(sf)

Class D
Bond D: downgraded to B(sf) from BB(sf)

Calificación Moody's

Class A
Bond A: affirmed at Aa3(sf): placed under review for possible upgrade

Class B
Bond B: affirmed at Baa2(sf): placed under review for possible upgrade

Class C
Bond C: affirmed at Ba1(sf): placed under review for possible upgrade

Class D
Bond D: affirmed at Ba2(sf): placed under review for possible upgrade

TDA 7

Calificación Fitch Ratings

Class A
Bond A3: affirmed at AAA(sf); Outlook Stable; Loss Severity (LS) Rating of 'LS-1'

Class B
Bond B: affirmed at AA+(sf); Outlook revised to Stable from Positive; 'LS-1'

FTPYME TDA 3

Bono 1SA

Fitch Ratings ha aumentado la calificación del bono 1SA de FTPYME TDA 3, pasando a ser AAA(sf) (antes AA(sf))

Bono 2CA

Fitch Ratings ha aumentado la calificación del bono 2CA de FTPYME TDA 3, pasando a ser AAA(sf) (antes AA+(sf))

Bono 2SA

Fitch Ratings ha aumentado la calificación del bono 2SA de FTPYME TDA 3, pasando a ser AAA(sf) (antes AA-(sf))

Bono B

Fitch Ratings ha aumentado la calificación del bono B de FTPYME TDA 3, pasando a ser BBB(sf) (antes BB+(sf))

FTPYME TDA CAM1

Bono 2SA

Fitch Ratings ha aumentado la calificación del bono 2SA de FTPYME TDA CAM 1, pasando a ser AA(sf) (antes AA+(sf))

Bono B

Fitch Ratings ha aumentado la calificación del bono B de FTPYME TDA CAM 1, pasando a ser BBB+(sf) (antes BBB(sf))

TDA 4

Bono B

Moody's Investors Service ha aumentado la calificación del bono B de TDA 4, pasando a ser A1(sf) (antes A2(sf))

TDA 5

Bono B

Moody's Investors Service ha aumentado la calificación del bono B de TDA 5, pasando a ser Aa1(sf) (antes Aa3(sf))

Fitch Ratings ha aumentado la calificación del bono B de TDA 5, pasando a ser AAA(sf) (antes AA-(sf))

FTPYME ICO TDA 2

Bono 1SA

Fitch Ratings ha aumentado la calificación del bono 1SA de FTPYME ICO TDA 2, pasando a ser AAA(sf) (antes AA(sf))

Bono 2CA

Fitch Ratings ha aumentado la calificación del bono 2CA de FTPYME ICO TDA 2, pasando a ser AAA(sf) (antes AA+(sf))

Bono 2SA

Fitch Ratings ha aumentado la calificación del bono 2SA de FTPYME ICO TDA 2, pasando a ser AAA(sf) (antes A(sf))

Bono B

Fitch Ratings ha aumentado la calificación del bono B de FTPYME ICO TDA 2, pasando a ser A(sf) (antes BB(sf))

FTPYME TDA 4

Calificación Fitch Ratings

Class 1
Bond 1SA: affirmed at AAA(sf); Outlook Stable, assigned a Loss Severity (LS) rating of LS-3

Class 2
Bond 2CA: downgraded to AA+(sf) from AAA(sf)
Bond 2SA: downgraded to AA(sf) from AAA(sf); Removed from RWN, assigned Outlook Stable, assigned LS-3

Class B
Bond B: downgraded to BB(sf) from BBB(sf); Removed from RWN, assigned Outlook Negative, assigned LS-3

TDA CREDIFIMO 1

Calificación Standard and Poor's

Class A
Bond A: affirmed at AAA(sf); removed from Watch Negative

Class B
Bond B: downgraded to BBB+(sf) from A-(sf)

Class C
Bond C: downgraded to BBB-(sf) from BBB(sf); removed from Watch Negative

Class D
Bond D: downgraded to B(sf) from BB(sf); removed from Watch Negative

Class E
Bond E: affirmed at CCC-(sf)

TDA 20 Mixto

Calificación Moody's

Class 1
Bond A1: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B1: affirmed at Baa2(sf); placed under review for possible upgrade

Class 2
Bond A2: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B2: affirmed at Baa2(sf); placed under review for possible upgrade

TDA IBERCAJA 2

Calificación Moody's

Class A
Bond A: affirmed at A1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Ba1(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at B1(sf); placed under review for possible upgrade

Class D
Bond D: upgraded to B2(sf) from B3(sf)

Class E
Bond E: downgraded to Ca(sf) from Caa2(sf); removed from placed under review for possible downgrade

Calificación Standard and Poor's

Class A
Bond A: downgraded to BBB(sf) from BBB+(sf)

Class B
Bond B: affirmed at BB+(sf)

Class C
Bond C: affirmed at BB(sf)

Class D
Bond D: affirmed at B+(sf)

TDA 16 Mixto

Calificación Moody's

Class 1
Bond A1: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B1: upgraded to Aa3(sf) from Baa1(sf); removed from placed under review for possible upgrade

Class 2
Bond A2: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B2: upgraded to Aa3(sf) from A3(sf); removed from placed under review for possible upgrade

TDA 22 Mixto

Calificación Moody's

Class 1
Bond A1a: affirmed at A3(sf); removed from placed under review for possible downgrade
Bond A1b: affirmed at A3(sf); placed under review for possible upgrade
Bond B1: affirmed at Ba3(sf); placed under review for possible upgrade
Bond C1: affirmed at Caa2(sf)
Bond D1: affirmed at Caa3(sf)

Class 2
Bond A2a: upgraded to Aa2(sf) from A1(sf)
Bond A2b: upgraded to Aa2(sf) from A1(sf)
Bond B2: upgraded to A3(sf) from Baa2(sf)
Bond C2: upgraded to Ba2(sf) from Ba3(sf)
Bond D2: affirmed at B3(sf)

TDA IBERCAJA 3

Calificación Moody's

Class A
Bond A: affirmed at A1(sf); placed under review for possible upgrade

Class B
Bond B: upgraded to Ba2(sf) from B1(sf)

Class C
Bond C: affirmed at Caa1(sf)

Class D
Bond D: affirmed at Ca(sf)

Calificación Standard and Poor's

Class A
Bond A: downgraded to BBB(sf) from AA-(sf)

Class B
Bond B: affirmed at BB(sf)

Class C
Bond C: affirmed at B(sf)

TDA 18 Mixto

Calificación Moody's

Class 1
Bond A1: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B1: upgraded to A1(sf) from Baa3(sf); removed from placed under review for possible upgrade

Class 2
Bond A2: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B2: affirmed at A3(sf); placed under review for possible upgrade

TDA 15 Mixto

Calificación Moody's

Class 1
Bond A1: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B1: affirmed at Baa1(sf); placed under review for possible upgrade

Class 2
Bond A2: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B2: affirmed at A3(sf); placed under review for possible upgrade

TDA 13 Mixto

Calificación Moody's

Class 1
Bond A1: upgraded to Aa2(sf) from A1(sf)
Bond B1: affirmed at Baa1(sf); placed under review for possible upgrade

Class 2
Bond A2: upgraded to Aa2(sf) from A1(sf)
Bond B2: upgraded to Baa1(sf) from Baa2(sf)

TDA CAM 1

Calificación Fitch Ratings

Class A
Bond A: upgraded to AA+(sf) from AA-(sf); removed from Rating Watch Positive; Outlook Stable

Class B
Bond B: affirmed at A(sf); Outlook Negative

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: affirmed at A3(sf); placed under review for possible upgrade

TDA CAM 2

Calificación Fitch Ratings

Class A
Bond A: upgraded to AA+(sf) from AA-(sf); removed from Rating Watch Positive; Outlook Stable

Class B
Bond B: affirmed at BBB(sf); Rating Outlook Negative

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: affirmed at Baa1(sf); placed under review for possible upgrade

TDA CAM 3

Calificación Fitch Ratings

Class A
Bond A: upgraded to AA+(sf) from AA-(sf); removed from Rating Watch Positive; Outlook Stable

Class B
Bond B: affirmed at BBB-(sf); Outlook Negative

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: upgraded to A3(sf) from Baa3(sf)

TDA CAM 4

Calificación Fitch Ratings

Class A
Bond A: affirmed at AA-(sf); Rating Outlook Negative

Class B
Bond B: downgraded to BB(sf) from BBB-(sf); Rating Outlook Negative

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A2(sf)

Class B
Bond B: affirmed at Ba2(sf); placed under review for possible upgrade

TDA CAM 5

Calificación Fitch Ratings

Class A
Bond A: affirmed at BBB(sf); Rating Outlook Negative

Class B
Bond B: affirmed at CCC(sf); Recovery Estimate to 95% from 100%

Calificación Moody's

Class A
Bond A: affirmed at Baa1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Caa3(sf)

TDA IBERCAJA 4

Calificación Standard and Poor's

Class A
Bond A1: upgraded to AA(sf) from A+(sf)
Bond A2: downgraded to BBB+(sf) from A+(sf)
Bond A3PAC: upgraded to AA(sf) from A+(sf)

Class B
Bond B: affirmed at BBB(sf)

Class C
Bond C: downgraded to BB+(sf) from BBB-(sf)

Class D
Bond D: affirmed at B(sf)

Class E
Bond E: affirmed at B-(sf)

Class F
Bond F: affirmed at D(sf)

Calificación Moody's

Class A
Bond A1: affirmed at A1(sf); placed under review for possible upgrade
Bond A2: affirmed at A1(sf); placed under review for possible upgrade
Bond A3PAC: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: affirmed at Baa3(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at Ba2(sf); placed under review for possible upgrade

Class D
Bond D: affirmed at B3(sf)

Class E
Bond E: affirmed at Caa2(sf)

TDA CAM 11

Calificación Moody's

Class A
Bond A1: Not Rated from Aa2(sf)
Bond A2: affirmed at Aa3(sf); placed under review for possible upgrade
Bond A3: affirmed at Aa3(sf); placed under review for possible upgrade
Bond A4: affirmed at Aa3(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Ba2(sf); removed from placed under review for possible upgrade

Class C
Bond C: upgraded to B3(sf) from Caa1(sf)

Calificación Fitch Ratings

Class A
Bond A1: Not Rated from A+(sf)
Bond A2: affirmed at A-(sf); Rating Outlook Positive from Negative
Bond A3: affirmed at A-(sf); Rating Outlook Positive from Negative
Bond A4: affirmed at A-(sf); Rating Outlook Positive from Negative

Class B
Bond B: affirmed at BBB(sf); Rating Outlook Positive from Negative

Class C
Bond C: upgraded to B(sf) from CCC(sf); Outlook Stable

CAP TDA 1

Calificación Fitch Ratings

Bond: affirmed at AAA(sf); Outlook Stable

FTPYME TDA SABADELL 1

Calificación Fitch Ratings

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

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

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

FTPYME TDA SABADELL 2

Calificación Fitch Ratings

Class 1
Bond 1CA: downgraded to AA-(sf) from AAA(sf); Outlook Stable
Bond 1SA: downgraded to AA-(sf) from AAA(sf); Outlook Stable

Class 2
Bond 2SA: affirmed at BBB(sf); Outlook Stable

Class 3
Bond 3SA: affirmed at BB(sf); Outlook Negative

Calificación Standard and Poor's

Class 1
Bond 1CA: downgraded to BBB-(sf) from A-(sf)
Bond 1SA: downgraded to BBB-(sf) from A-(sf)

Class 2
Bond 2SA: downgraded to BBB-(sf) from A-(sf)

Class 3
Bond 2SA: downgraded to BB(sf) from BBB(sf)

TDA 24

Calificación Fitch Ratings

Class A
Bond A1: affirmed at B(sf); Outlook Negative
Bond A2: affirmed at B(sf); Outlook Negative

Value NAS-IO: Not rated from AAA(sf)

Class B
Bond B: affirmed at CC(sf); Recovery Estimate 0%

Class C
Bond C: affirmed at CC(sf); Recovery Estimate 0%

Class D
Bond D: affirmed at CC(sf); Recovery Estimate 0%

Calificación Standard and Poor's

Class A
Bond A1: downgraded to CCC(sf) from AA-(sf); removed from Watch Negative
Bond A2: downgraded to CCC(sf) from AA-(sf); removed from Watch Negative

Value NAS-IO: Not rated from AAA(sf)

Class B
Bond B: downgraded to D(sf) from CCC-(sf); removed from Watch Negative

Class C
Bond C: affirmed at D(sf)

Class D
Bond D: affirmed at D(sf)

FTPYME TDA 5

Calificación Fitch Ratings

Class 1
Bond 1SA: affirmed at AAA(sf); Outlook Stable


Class 2
Bond 2CA: downgraded to AA(sf) from AA+(sf); Outlook Stable
Bond 2SA: affirmed at AA(sf); Outlook Stable

Class 3
Bond 3SA: affirmed at BBB(sf); Outlook Negative

FTPYME TDA CAM 2

Calificación Fitch Ratings

Class 1
Bond 1SA: Not rated from AAA(sf)
Bond 1CA(G): affirmed at A+(sf); Outlook Stable

Class 2
Bond 2SA: upgraded to A+(sf) from BBB(sf); Outlook Stable

Class 3
Bond 3SA: affirmed at CCC(sf); Recovery Estimate revised to 85% from 50%

Calificación Moody's

Class 1
Bond 1SA: Not rated from Aaa(sf)
Bond 1CA(G): upgraded to Aa2(sf) from A1(sf)

Class 2
Bond 2SA: affirmed at Baa1(sf)

Class 3
Bond 3SA: affirmed at Caa3(sf)

TDA 25

Calificación Fitch Ratings

Class A
Bond A: affirmed at CC(sf); Recovery Estimate revised to 45% from 50%
Class B
Bond B: affirmed at CC(sf); Recovery Estimate 0%
Class C
Bond C: affirmed at CC(sf); Recovery Estimate 0%
Class D
Bond D: affirmed at CC(sf); Recovery Estimate 0%

Value NAS-IO: Not rated from AAA(sf)

Calificación Standard and Poor's

Class A
Bond A: affirmed at CCC(sf); removed from Watch Negative

Class B
Bond B: affirmed at D(sf)

Class C
Bond C: affirmed at D(sf)

Class D
Bond D: affirmed at D(sf)

Value NAS-IO: Not rated from AAA(sf)

TDA CAM 6

Calificación Fitch Ratings

Class A
Bond A1: Not rated from A(sf)
Bond A2: affirmed at BBB-(sf); Rating Outlook Stable from Negative
Bond A3: downgraded to BB(sf) from BBB-(sf); Rating Outlook Negative

Class B
Bond B: affirmed at CCC(sf); RE 30% from RE 80%

Calificación Moody's

Class A
Bond A1: Not rated from A3(sf)
Bond A2: affirmed at A1(sf); placed under review for possible upgrade
Bond A3: upgraded to Ba1(sf) from Ba2(sf)

Class B
Bond B: affirmed at Ca(sf)

TDA CAM 7

Calificación Fitch Ratings

Class A
Bond A1: Not Rated
Bond A2: affirmed at BBB-(sf); Rating Outlook Negative
Bond A3: affirmed at BBB-(sf); Rating Outlook Negative

Class B
Bond B: affirmed at CCC(sf); RE 40% from RE 80%

Calificación Standard and Poor's

Class A
Bond A1: Not Rated
Bond A2: downgraded to BBB(sf) from A(sf)
Bond A3: downgraded to BBB(sf) from A(sf)

Class B
Bond B: affirmed at D(sf)

Calificación Moody's

Class A
Bond A1: Not Rated
Bond A2: affirmed at Baa1(sf); placed under review for possible upgrade
Bond A3: affirmed at Baa1(sf); placed under review for possible upgrade

Class B
Bond B: downgraded to Ca(sf) from Caa2(sf); removed from placed under review for possible downgrade

TDA 26-Mixto

Calificación Moody's

Class 1
Bond 1-A2: affirmed at Aa3(sf); placed under review for possible upgrade
Bond 1-B: affirmed at Ba1(sf); placed under review for possible upgrade
Bond 1-C: affirmed at Caa2(sf)
Bond 1-D: downgraded to C(sf) from Ca(sf); removed from placed under review for possible downgrade

Calificación Fitch Ratings

Class 1
Bond 1-A2: downgraded to A(sf) from AA-(sf); removed from Rating Watch Negative; Outlook Stable
Bond 1-B: affirmed at BBB(sf); Outlook Negative
Bond 1-C: affirmed at BB+(sf); Outlook Negative
Bond 1-D: affirmed at CCC(sf); Recovery Estimate 0%

Class 2
Bond 2-A: affirmed at A(sf); Outlook Negative
Bond 2-B: affirmed at BB(sf); Outlook Negative
Bond 2-C: affirmed at CCC(sf); Recovery Estimate 20%

EMPRESAS HIPOTECARIO TDA CAM 5

Calificación Fitch Ratings

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to BB(sf) from BBB-(sf); Negative Outlook
Bond A3: downgraded to BB(sf) from BBB-(sf); Negative Outlook

Class B
Bond B: downgraded to CCC(sf) from B(sf); Recovery Estimate 0%

Class C
Bond C: affirmed at CC(sf); Recovery Estimate 0%

Class D
Bond D: affirmed at C(sf); Recovery Estimate 0%

Calificación Standard and Poor's

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to BBB-(sf) from AA-(sf)
Bond A3: downgraded to BBB-(sf) from AA-(sf)

Class B
Bond B: downgraded to D(sf) from CCC-(sf)

Class C
Bond C: downgraded to D(sf) from CCC-(sf); removed from Negative Outlook

Class D
Bond D: affirmed at D(sf)

TDA 27

Calificación Fitch Ratings

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to CCC(sf) from B(sf); Recovery Estimate 90%
Bond A3: downgraded to CCC(sf) from B(sf); Recovery Estimate 90%

Class B
Bond B: downgraded to CC(sf) from CCC(sf); Recovery Estimate 0%

Class C
Bond C: affirmed at CC(sf); Recovery Estimate 0%

Class D
Bond D: affirmed at CC(sf); Recovery Estimate 0%

Class E
Bond E: affirmed at CC(sf); Recovery Estimate 0%

Class F
Bond F: affirmed at CC(sf); Recovery Estimate 0%

Value NAS-IO: Not rated from AAA(sf)

Calificación Standard and Poor's

Class A
Bond A1: Not Rated from AAA(sf)
Bond A2: downgraded to CCC(sf) from AA-(sf); removed from Watch Negative
Bond A3: downgraded to CCC(sf) from AA-(sf); removed from Watch Negative

Class B
Bond B: downgraded to CCC(sf) from BB(sf); removed from Watch Negative

Class C
Bond C: downgraded to CCC(sf) from B-(sf); removed from Watch Negative

Class D
Bond D: affirmed at D(sf)

Class E
Bond E: affirmed at D(sf)

Class F
Bond F: affirmed at D(sf)

Value NAS-IO: Not rated from AAA(sf)

TDA 28

Calificación Fitch Ratings

Class A
Bond A: affirmed at CC(sf); Recovery Estimate revised to 50% from 70%

Class B
Bond B: affirmed at CC(sf); Recovery Estimate 0%

Class C
Bond C: affirmed at CC(sf); Recovery Estimate 0%

Class D
Bond D: affirmed at CC(sf); Recovery Estimate 0%

Class E
Bond E: affirmed at CC(sf); Recovery Estimate 0%

Class F
Bond F: affirmed at CC(sf); Recovery Estimate 0%

Value NAS-IO: Not rated from AAA(sf)

Calificación Standard and Poor's

Class A
Bond A: Not Rated from CCC(sf)

Class B
Bond B: Not Rated from D(sf)

Class C
Bond C: Not Rated from D(sf)

Class D
Bond D: Not Rated from D(sf)

Class E
Bond E: Not Rated from D(sf)

Class F
Bond F: Not Rated from D(sf)

Value NAS-IO: Not Rated from AAA(sf)

MADRID RMBS III

Calificación Moody's

Class A
Bond A1: Not rated from Aaa(sf)
Bond A2: upgraded to Baa1(sf) from Baa2(sf)
Bond A3: upgraded to Baa1(sf) from Baa2(sf)

Class B
Bond B: affirmed at B2(sf)

Class C
Bond C: downgraded to Ca(sf) from Baa2(sf)

Class D
Bond D: downgraded to C(sf) from Ba2(sf)

Class E
Bond E: downgraded to C(sf) from B3(sf)

Calificación Fitch Ratings

Class A
Bond A1: Not rated from AA-(sf)
Bond A2: downgraded to BB-(sf) from BB(sf); Rating Outlook Negative
Bond A3: downgraded to BB-(sf) from BB(sf); Rating Outlook Negative

Class B
Bond B: downgraded to B+(sf) from BB-(sf); Rating Outlook Negative

Class C
Bond C: affirmed at CCC(sf); Recovery Estimate 0%

Class D
Bond D: affirmed at CC(sf); Recovery Estimate 0%

Class E
Bond E: affirmed at C(sf); Recovery Estimate 0%

Calificación Standard and Poor's

Class A
Bond A1: Not rated from AA(sf)
Bond A2: downgraded to BBB(sf) from A-(sf)
Bond A3: downgraded to BBB(sf) from A-(sf)

Class B
Bond B: affirmed at D(sf)

Class C
Bond C: affirmed at D(sf)

Class D
Bond D: affirmed at D(sf)

Class E
Bond E: affirmed at D(sf)

TDA CAM 8

Calificación Fitch Ratings

Class A
Bond A: downgraded to BB-(sf) from BB(sf); Rating Outlook Negative

Class B
Bond B: affirmed at CCC(sf)

Class C
Bond C: affirmed at CC(sf)

Class D
Bond D: affirmed at CC(sf)

Calificación Standard and Poor's

Class A
Bond A: downgraded to BBB(sf) from A(sf)

Class B
Bond B: affirmed at D(sf)

Class C
Bond C: affirmed at D

Class D
Bond D: affirmed at D(sf)

Calificación Moody's

Class A
Bond A: upgraded to Baa3(sf) from Ba2(sf); removed from placed under review for possible upgrade

Class B
Bond B: downgraded to Ca(sf) from Caa1(sf); removed from placed under review for possible downgrade

Class C
Bond C: downgraded to Ca(sf) from Caa2(sf); removed from placed under review for possible downgrade

Class D
Bond D: downgraded to C(sf) from Ca(sf)

TDA CAM 9

Calificación Fitch Ratings

Class A
Bond A1: affirmed at B(sf); Rating Outlook Negative
Bond A2: affirmed at B(sf); Rating Outlook Negative
Bond A3: affirmed at B(sf); Rating Outlook Negative

Class B
Bond B: affirmed at CCC(sf); RE 15% from RE 100%

Class C
Bond C: affirmed at CC(sf); RE 0% from RE 15%

Class D
Bond D: affirmed at CC(sf); RE 0%

Calificación Standard and Poor's

Class A
Bond A1: downgraded to BB+(sf) from BBB(sf)
Bond A2: downgraded to BB+(sf) from BBB(sf)
Bond A3: downgraded to BB+(sf) from BBB(sf)

Class B
Bond B: affirmed at D(sf)

Class C
Bond C: affirmed at D(sf)

Class D
Bond D: affirmed at D(sf)

Calificación Moody's

Class A
Bond A1: upgraded to Ba1(sf) from Ba3(sf); removed from placed under review for possible upgrade
Bond A2: upgraded to Ba1(sf) from Ba3(sf); removed from placed under review for possible upgrade
Bond A3: upgraded to Ba1(sf) from Ba3(sf); removed from placed under review for possible upgrade

Class B
Bond B: downgraded to Ca(sf) from Caa1(sf); removed from placed under review for possible downgrade

Class C
Bond C: downgraded to Ca(sf) from Ba2(sf)

Class D
Bond D: downgraded to C(sf) from Ca(sf)

TDA 29

Calificación Fitch Ratings

Class A
Bond A1: Not rated from AA-(sf)
Bond A2: affirmed at BBB(sf); Outlook revised to Stable from Negative

Class B
Bond B: affirmed at B(sf); Outlook revised to Stable from Negative

Class C
Bond C: affirmed at CCC(sf); Recovery Estimate 65%

Class D
Bond D: affirmed at CC(sf); Recovery Estimate 0%

Calificación Moody's

Class A
Bond A1: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade
Bond A2: upgraded to A1(sf) from Baa1(sf);

Class B
Bond B: upgraded to Ba2(sf) from B1(sf)

Class C
Bond C: affirmed at Caa3(sf)

EMPRESAS HIPOTECARIO TDA CAM 3

Calificación Fitch Ratings

Class A
Bond A2: affirmed at BB(sf); Outlook revised to Stable from Negative

Class B
Bond B: affirmed at B-(sf); Outlook Negative

Class C
Bond C: affirmed at CC(sf); Recovery Estimate (RE) 0%

Calificación Standard and Poor's

Class A
Bond A2: downgraded to BBB(sf) from BBB+(sf)

Class B
Bond B: downgraded to B-(sf) from B+(sf)

Class C
Bond C: affirmed at CCC-(sf)

TDA EMPRESAS PASTOR 5

Calificación Standard and Poor's

Class A
Bond A: affirmed at AA(sf); Watch Negative

Class B
Bond B: affirmed at BBB(sf); removed from Watch Negative

Class C
Bond C: affirmed at B(sf); removed from Watch Negative

Class D
Bond D: affirmed at D(sf)

FTPYME TDA CAM 4

Calificación Fitch Ratings

Class A
Bond A2: affirmed at BBB(sf); Outlook revised to Negative from Stable
Bond A3(CA): affirmed at BBB+(sf); Outlook Stable

Class B
Bond B: downgraded to CCC(sf) from B(sf); Recovery Estimate 65%

Class C
Bond C: downgraded to CC(sf) from CCC(sf); Recovery Estimate 0%

Class D
Bond D: affirmed at C(sf); Recovery Estimate 0%

Calificación Standard and Poor's

Class A
Bond A2: affirmed at A+(sf)
Bond A3(CA): affirmed at A+(sf)

Class B
Bond B: affirmed at CCC-

Class C
Bond C: affirmed at D(sf)

Class D
Bond D: affirmed at D(sf)

Calificación Moody's

Class A
Bond A2: affirmed at A1(sf); placed under review for possible upgrade
Bond A3(CA): affirmed at A1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Caa1(sf)

Class C
Bond C: downgraded to Ca(sf) from Caa3(sf); removed from placed under review for possible downgrade

Class D
Bond D: downgraded to C(sf) from Ca(sf)

TDA PASTOR CONSUMO 1

Calificación Moody's

Class A
Bond A: affirmed at Baa1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at A1(sf); placed under review for possible upgrade

Class C
Bond C: downgraded to Ca(sf) from Caa3(sf); removed from placed under review for possible downgrade

Calificación Standard and Poor's

Class A
Bond A: upgraded to BB(sf) from BB-(sf)

Class B
Bond B: downgraded to B-(sf) from B(sf)

Class C
Bond C: downgraded to CCC-(sf) from CCC(sf)

FTPYME TDA 6

Calificación Fitch Ratings

Class 1
Bond 1SA: Not rated from AAA(sf)


Class 2
Bond 2CA: upgraded to BBB+(sf) from BBB(sf); Outlook Stable
Bond 2SA: affirmed at BBB(sf); Outlook revised to Stable from Negative

Class 3
Bond 3SA: affirmed at CCC(sf); Recovery Estimate 45%

CAIXA PENEDES 1 TDA

Calificación Fitch Ratings

Class A
Bond A: affirmed at AA+(sf); Outlook Stable

Class B
Bond B: affirmed at A+(sf); Outlook Stable

Class C
Bond C: affirmed at BB(sf); Outlook Stable

Calificación Standard and Poor's

Class A
Bond A: affirmed at AA(sf)

Class B
Bond B: downgraded to BBB+(sf) from A(sf)

Class C
Bond C: downgraded to B(sf) from BB(sf)

TDA TARRAGONA 1

Calificación Moody's

Class A
Bond A: affirmed at A2(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Baa3(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at Ba1(sf); placed under review for possible upgrade

Class D
Bond D: affirmed at Caa3(sf)

Calificación Standard and Poor's

Class A
Bond A: upgraded to BBB+(sf) from BBB-(sf)

Class B
Bond B: upgraded to BBB(sf) from B+(sf)

TDA 23

Calificación Moody's

Class A
Bond A: upgraded to A1(sf) from A3(sf)

Class B
Bond B: upgraded to Ba3(sf) from B1(sf)

Class C
Bond C: affirmed at Caa3(sf)

CEDULAS TDA 7

Calificación Moody's

Bond: downgraded to Baa3(sf) from Baa1(sf); removed from review for possible downgrade

Calificación Fitch Ratings

Bond: affirmed at BB+(sf); Outlook Stable from Negative

Calificación Standard and Poor's

Bond: downgraded to BB(sf) from BB+(sf); removed from Watch Negative

CM BANCAJA 1

Calificación Fitch Ratings

Class A
Bond A: affirmed at AA+(sf); Outlook Stable

Class B
Bond B: affirmed at A(sf); Outlook Stable

Class C
Bond C: affirmed at BB(sf); Outlook Stable

Class D
Bond D: affirmed at B(sf); Outlook Negative

Class E
Bond E: affirmed at CC(sf); assigned Recovery Estimate 0%

Calificación Standard and Poor's

Class A
Bond A: upgraded to AA(sf) from AA-(sf)

Class B
Bond B: upgraded to A(sf) from BB(sf); removed from Watch Negative

Class C
Bond C: upgraded to BBB+(sf) from B+(sf); removed from Watch Negative

Class D
Bond D: upgraded to B+(sf) from B-(sf); removed from Watch Negative

CEDULAS TDA 5

Calificación Moody's

Bond: affirmed at Baa1(sf); removed from review for possible downgrade

Calificación Fitch Ratings

Bond: affirmed at BBB+(sf); Outlook Stable

Calificación Standard and Poor's

Bond: downgraded to BBB-(sf) from BBB(sf); removed from Watch Negative

PROGRAMA CEDULAS TDA

Calificación Moody's

Bond A1: upgraded to A3(sf) from Baa1(sf); removed from review with uncertain direction
Bond A3: affirmed at A3(sf); removed from review for possible downgrade
Bond A4: affirmed at Baa1(sf); removed from review for possible downgrade
Bond A5: affirmed at A3(sf); removed from review for possible downgrade
Bond A6: upgraded to A3(sf) from Baa1(sf); removed from review for possible downgrade

Calificación Fitch Ratings

Bond A1: upgraded to A(sf) from BBB(sf); Stable Outlook
Bond A3: upgraded to A(sf) from BBB(sf); Stable Outlook
Bond A4: affirmed at BBB(sf); Stable from Negative Outlook
Bond A5: affirmed at BBB(sf); Stable from Negative Outlook
Bond A6: affirmed at BBB(sf); Stable from Negative Outlook

Calificación Standard and Poor's

Bond A1: upgraded to BBB+(sf) from BBB(sf); removed from Watch Positive
Bond A3: upgraded to A-(sf) from BBB+(sf)
Bond A4: downgraded to BB(sf) from BBB-(sf); removed from Watch Negative
Bond A5: upgraded to BBB-(sf) from BB+(sf)
Bond A6: downgraded to BB+(sf) from BBB-(sf); removed from Watch Negative

CEDULAS TDA 2

Calificación Moody's

Bond: affirmed at A3(sf); on review for possible downgrade

Calificación Fitch Ratings

Bond: affirmed at BBB(sf); Negative Outlook

Calificación Standard and Poor's

Bond: downgraded to A-(sf) from AA-(sf); removed from Watch Negative

CEDULAS TDA 3

Calificación Moody's

Bond: affirmed at A3(sf): removed from review for possible downgrade

Calificación Fitch Ratings

Bond: upgraded to A(sf) from BBB(sf); Outlook Stable

Calificación Standard and Poor's

Bond: downgraded to BBB-(sf) from A-(sf); remove from Watch Negative

CEDULAS TDA 1

Calificación Moody's

Bond: affirmed at Aaa(sf)

Calificación Fitch Ratings

Bond: affirmed at AAA(sf); Stable Outlook

CEDULAS TDA 6

Calificación Moody's

Bond: downgraded to A3(sf) from Baa1(sf); removed from review for possible downgrade

Calificación Fitch Ratings

Bond: affirmed at BBB(sf); Negative Outlook

Calificación Standard and Poor's

Bond: affirmed at BBB-(sf); removed from Watch Negative

CEDULAS TDA 14

Calificación Fitch Ratings

Class A: affirmed at AAA(sf); Stable Outlook

CEDULAS TDA 13

Calificación Fitch Ratings

Bond: affirmed at AA(sf); Watch Negative

CEDULAS TDA 18

Calificación Fitch Ratings

Bond: Not rated from BBB(sf)

Calificación Standard and Poor's

Bond: upgraded to AA(sf) from AA-(sf)

CEDULAS TDA 21

Calificación Moody's

Bond: upgraded to Baa2(sf) from Baa3(sf): removed from review with uncertain direction

Calificación Standard and Poor's

Bond: upgraded to AA(sf) from AA-(sf)

CEDULAS TDA 17

Calificación Moody's

Bond: affirmed at Baa3(sf): on review for possible downgrade

Calificación Standard and Poor's

Bond: downgraded to AA-(sf) from AA+(sf)

TDA 11

Calificación Moody's

Class A
Bond A3: affirmed at A3(sf); removed from placed under review for possible downgrade

Class B
Bond B: affirmed at A3(sf); removed from placed under review for possible downgrade

CEDULAS TDA 20

Calificación Moody's

Class A
Bond A1: affirmed at Baa1(sf); on review with uncertain direction
Bond A2: affirmed at Baa1(sf): on review with uncertain direction

Calificación Standard and Poor's

Class A
Bond A1: downgraded to AA-(sf) from AA+(sf)
Bond A2: downgraded to AA-(sf) from AA+(sf)

MADRID EMPRESAS I

Calificación Standard and Poor's

Class B
Bond B: affirmed at AA-(sf): Watch Negative

CEDULAS TDA 19

Calificación Moody's

Bond A: downgraded to Aa3(sf) from Aa1(sf); maintained on review for downgrade

TDA 9

Calificación Moody's

Class A
Bond A3: downgraded to Aa2(sf) from Aaa(sf); removed from placed on review for possible downgrade

TDA 30

Calificación Moody's

Class A
Bond A: upgraded to A1(sf) from A2(sf)

Class B
Bond B: upgraded to Baa3(sf) from Ba2(sf)

Class C
Bond C: upgraded to B2(sf) from B3(sf)

Calificación Fitch Ratings

Class A
Bond A: affirmed at A+(sf); Outlook Stable from Negative

TDA IBERCAJA 7

Calificación Standard and Poor's

Class A
Bond A: upgraded to BBB+(sf) from BBB(sf)

Class B
Bond B: affirmed at BB-(sf)

Class C
Bond C: affirmed at D(sf)

Calificación Moody's

Class A
Bond A: affirmed at Aa3(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Ba1(sf); placed under review for possible upgrade

MADRID CONSUMO II

Calificación Standard and Poor's

Class A
Bond A: affirmed at AA-(sf); Watch Negative

Calificación Moody's

Class A
Bond A: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

MADRID FTPYME I

Calificación Standard and Poor's

Class A
Bond A1: downgraded to AA-(sf) from AAA(sf); removed from Watch Negative
Bond A2(G): downgraded to A(sf) from AA-(sf)

Calificación Moody's

Class A
Bond A2(G): upgraded to Aa2(sf) from A1(sf)

CAIXA PENEDES 2 TDA

Calificación Standard and Poor's

Class A
Bond A: affirmed at AA(sf)

Class B
Bond B: downgraded to A+(sf) from AA-(sf)

Class C
Bond C: downgraded to BB-(sf) from BBB(sf)

Calificación Moody's

Class A
Bond A: affirmed at A1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Baa3(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at B3(sf); placed under review for possible upgrade

MADRID RESIDENCIAL I

Calificación Standard and Poor's

Class A
Bond A: affirmed at A(sf)

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade

MADRID RESIDENCIAL II

Calificación Standard and Poor's

Class A
Bond A: affirmed at A(sf)

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade

TDA EMPRESAS 2

Calificación Standard and Poor's

Class A
Bond A: downgraded to BBB(sf) from A+(sf)

CEDULAS TDA 15

Calificación Standard and Poor's

Bond: downgraded to AA-(sf) from AA+(sf)

TDA IBERCAJA ICO-FTVPO

Calificación Standard and Poor's

Class A
Bond A(G): upgraded to AA(sf) from AA-(sf)

Class B
Bond B: affirmed at D(sf)

Calificación Moody's

Class A
Bond A(G): upgraded to Aa3(sf) from A1(sf)

TDA 31

Calificación Moody's

Class A
Bond A: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade

Class B
Bond B: affirmed at Baa3(sf); removed from placed under review for possible upgrade

Class C
Bond C: upgraded to B2(sf) from B3(sf); removed from placed under review for possible upgrade

Calificación Standard and Poor's

Class A
Bond A: affirmed at AA(sf); Watch Negative

Class B
affirmed at BBB(sf)

Class C
downgraded to CCC(sf) from BB-(sf)

UNICAJA TDA VPO

Calificación Moody's

Class A
Bond A: downgraded to Baa1(sf) from A3(sf); placed under review for possible downgrade

Calificación DBRS

Class A
Bond A: affirmed at A(high)(sf); under review negative

TDA IBERCAJA 6

Calificación Moody's

Class A
Bond A: affirmed at A1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Baa3(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at Ba3(sf); placed under review for possible upgrade

Class D
Bond D: upgraded to B3(sf) from Caa1(sf)

Calificación Standard and Poor's

Class A
Bond A: affirmed at BBB(sf)

Class B
Bond B: downgraded to BB(sf) from BBB(sf)

Class C
Bond C: downgraded to B(sf) from BBB-(sf)

Class D
Bond D: downgraded to B-(sf) from BB-(sf)

UNICAJA ANDALUCIA FTVIVIENDA

Calificación Moody's

Class A
Bond A1: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade
Bond A2(G): downgraded to Baa2(sf) from Baa1(sf); removed from placed under review for possible downgrade

Calificación DBRS

Class A
Bond A1: Not Rated from AAA(sf)
Bond A2(G): downgraded to A(high)(sf) from affirmed at AA(high)(sf); removed from under review negative

TDA EMPRESAS 1

Calificación Moody's

Class A
Bond A: downgraded to A3(sf) from Aa3(sf); placed under review for possible downgrade

Bond B: affirmed at B3(sf); placed under review for possible downgrade

TDA IBERCAJA 5

Calificación Standard and Poor's

Class A
Bond A1: downgraded to A+(sf) from AA-(sf)
Bond A2: downgraded to A-(sf) from AA-(sf)

Class B
Bond B: downgraded to BB(sf) from BB+(sf)

Class C
Bond C: affirmed at B(sf)

Class D
Bond D: affirmed at B-(sf)

Class E
Bond E: affirmed at D(sf)

Calificación Moody's

Class A
Bond A1: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond A2: affirmed at A1(sf); placed under review for possible upgrade

Class B
Bond B: affirmed at Ba2(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at Caa1(sf); placed under review for possible upgrade

Class D
Bond D: affirmed at Caa2(sf); removed from upgraded to Caa2(sf)

FTPYME TDA 7

Calificación Moody's

Class A
Bond A1: upgraded to Aa2(sf) from A1(sf)
Bond A2(CA): upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: affirmed at A1(sf)

Class C
Bond C: affirmed at Ba1(sf)

EMPRESAS TDA CAM 6

Calificación Moody's

Class A
Bond A1: downgraded to Aa1(sf) from Aaa(sf)
Bond A2: downgraded to Aa2(sf) from Aaa(sf)

Class B
Bond B: downgraded to Baa3(sf) from A3(sf)

Class C
Bond C: downgraded to Caa3(sf) from Ba3(sf)

FTPYME TDA CAM 7

Calificación Moody's

Class A
Bond A1: upgraded to Aa2(sf) from A1(sf)
Bond A2(CA): upgraded to Aa2(sf) from A1(sf)
Bond A3: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: upgraded to A2(sf) from Baa1(sf)

Class C
Bond C: affirmed at Ba3(sf)

Calificación DBRS

Class A
Bond A1: affirmed at A(high)(sf)
Bond A2(CA): affirmed at A(high)(sf)
Bond A3: affirmed at A(high)(sf)

TDA PASTOR 1

Calificación Moody's

Class A
Bond A1: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond A2: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade

Class B
Bond B: affirmed at Aa3(sf); placed under review for possible upgrade

Class C
Bond C: affirmed at Baa2(sf); placed under review for possible upgrade

Class D: Not rated

Calificación Fitch Ratings

Class A
Bond A1: upgraded to AA+(sf) from AA-(sf); Outlook Stable
Bond A2: upgraded to AA+(sf) from AA-(sf); Outlook Stable

Class B
Bond B: affirmed at A(sf); Outlook revised to Stable from Negative

Class C
Bond C: affirmed at BBB(sf); Outlook revised to Stable from Negative

Class D
Bond D: Not rated

TDA 17-Mixto

Calificación Moody's

Class 1
Bond A1: affirmed at A1(sf); placed under review for possible upgrade
Bond B1: affirmed at A3(sf); placed under review for possible upgrade

Class 2
Bond A2: affirmed at A1(sf); placed under review for possible upgrade
Bond B2: affirmed at A3(sf); placed under review for possible upgrade

CAJA INGENIEROS TDA 1

Calificación Moody's

Class A
Bond A2: upgraded to Aa2(sf) from A1(sf)

Class B
Bond B: upgraded to Aa2(sf) from A3(sf)

Class C
Bond C: upgraded to Aa3(sf) from Baa2(sf)

Calificación Fitch Ratings

Class A
Bond A2: upgraded to AA+(sf) from AA-(sf); Outlook Stable from Positive

Class B
Bond B: affirmed at AA-(sf); Outlook Stable

Class C
Bond C: affirmed at A(sf); Outlook Stable

MADRID FTPYME II

Calificación Moody's

Class A
Bond A1: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade
Bond A2(G): downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

Calificación Standard and Poor's

Class A
Bond A1: downgraded to AA-(sf) from AA+(sf)
Bond A2(G): downgraded to AA-(sf) from AA+(sf)

TDA FTPYME PASTOR 9

Calificación Moody's

Class A
Bond A2(G): downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

Class B
Bond B: affirmed at B2(sf); placed under review for possible downgrade

Calificación DBRS

Class A
Bond A2(G): affirmed at AAA(sf); removed from review for possible downgrade
Class B
Bond B: affirmed at B(low)(sf); removed from review for possible downgrade

MADRID ICO-FTVPO I

Calificación Moody's

Class A
Bond A(G): affirmed at A1(sf); placed under review for possible upgrade

Calificación Standard and Poor's

Class A
Bond A(G): affirmed at A(sf)

TDA 14-Mixto

Calificación Moody's

Class 1
Bond A3: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond B1: affirmed at Aa3(sf); placed under review for possible upgrade

Class 2
Bond ANC: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade
Bond BNC: upgraded to A1(sf) from Baa1(sf); removed from placed under review for possible upgrade

TDA 8

Calificación Moody's

Class A
Bond A: downgraded to Aa2(sf) from Aaa(sf)

TDA 12

Calificación Moody's

Class A
Bond A3: affirmed at A1(sf); removed from upgraded to A1(sf)

Class B
Bond B: upgraded to A1(sf) from Baa1(sf); removed from placed under review for possible upgrade

TDA CORPORATIVOS I

Calificación Moody's

Class A
Bond A: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

Class B
Bond B: downgraded to A3(sf) from A1(sf); placed under review for possible downgrade

DRIVER ESPAŃA ONE

Calificación Standard and Poor's

Class A: upgraded to AA(sf) from AA-(sf)

Class B: upgraded to AA(sf) from AA-(sf)

Calificación Fitch Ratings

Class A: affirmed at AA+(sf); Outlook Stable

Class B: upgraded to AA(sf) from A+(sf); removed from Outlook Stable

TDA UNICAJA 1

Calificación Fitch Ratings

Class A
Bond A: affirmed at AAA(sf); Outlook Stable; Assigned Loss Severity Rating 'LS-1'

Class B
Bond B: affirmed at A(sf); Outlook Stable; Assigned Loss Severity Rating 'LS-3'

Class C
Bond C: affirmed at BBB(sf); Outlook revised to Negative from Stable; Assigned Loss Severity Rating 'LS-3'

Class D
Bond D: downgraded to CC(sf) from CCC(sf); Assigned Recover Rating 'RR5'

TDA LICO LEASING III

Calificación Moody's

Bonds: affirmed at A3(sf); removed from placed under review for possible downgrade

Calificación DBRS

Bonds: affirmed at AAA(sf)

AUTO ABS 2012-3

Calificación Fitch Ratings

Class A: upgraded to AA+(sf) from AA(sf); Outlook Stable from Positive

PRIVATE DRIVER ESPAŃA 2013-1

Calificación Standard and Poor's

Class A: upgraded to AA(sf) from AA-(sf)

TDA CAM 10

Calificación Standard and Poor's

Class A
Bond A1: Not rated from AAA(sf)
Bond A2: downgraded to BB+(sf) from AA-(sf); removed from Watch Negative
Bond A3: downgraded to BB+(sf) from AA-(sf); removed from Watch Negative
Bond A4: downgraded to BB+(sf) from AA-(sf); removed from Watch Negative

Class B
Bond B: affirmed at CCC-(sf)

Class C
Bond C: affirmed at D(sf)

Class D
Bond D: affirmed at D(sf)

Calificación Moody's

Class A
Bond A1: Not rated from Aa1(sf)
Bond A2: downgraded to Baa3(sf) from Baa1(sf); removed from placed under review for possible downgrade
Bond A3: downgraded to Baa3(sf) from Baa1(sf); removed from placed under review for possible downgrade
Bond A4: downgraded to Baa3(sf) from Baa1(sf); removed from placed under review for possible downgrade

Class B
Bond B: downgraded to Caa2(sf) from B3(sf); removed from placed under review for possible downgrade

Class C
Bond C: downgraded to C(sf) from B3(sf)