TdA

Titulización de Activos

Saturday, December 13, 2025

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Start > Ratings updated

Ratings updated

SOL-LION
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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%
Calificaciï¿½n 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)
Moody's Note

CAIXA PENEDES PYMES 1 TDA
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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)
Calificaciï¿½n 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)
Moody's Note

TDA CCM EMPRESAS 1
Calificaciï¿½n Moody's Class C Bond C: downgraded to A1(sf) from Aa2(sf)

MADRID RMBS IV
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n Moody's Class A Bond A1: Not rated from Aa2(sf) Bond A2(G): upgraded to Aa2(sf) from A1(sf)
Calificaciï¿½n DBRS Class A Bond A2(G): upgraded to AAA(sf) from AA(high)(sf)

TDA CAM 12
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n Standard and Poor's Class A Bond A: downgraded to A(sf) from AA-(sf); Watch Negative
Calificaciï¿½n Moody's Class A Bond A: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

TDA 21
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Bond 1SA Fitch Ratings has upgraded bond 1SA of FTPYME TDA 3, to AAA(sf) (before AA(sf))	Bond 2CA Fitch Ratings has upgraded bond 2CA of FTPYME TDA 3, to AAA(sf) (before AA+(sf))
Bond 2SA Fitch Ratings has upgraded bond 2SA of FTPYME TDA 3, to AAA(sf) (before AA-(sf))	Bond B Fitch Ratings has upgraded bond B of FTPYME TDA 3, to BBB(sf) (before BB+(sf))

FTPYME TDA CAM1
Bond 2SA Fitch Ratings has upgraded bond 2SA of FTPYME TDA CAM 1, to AA(sf) (before AA+(sf))		Bond B Fitch Ratings has upgraded bond B of FTPYME TDA CAM 1, to BBB+(sf) (before BBB(sf))

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

TDA 5
Bond B Moody's Investors Service has upgraded bond B of TDA 5, to Aa1(sf) (before Aa3(sf)) Fitch Ratings has upgraded bond B of TDA 5, to AAA(sf) (before AA-(sf))

FTPYME ICO TDA 2
Bond 1SA Fitch Ratings has upgraded bond 1SA of FTPYME ICO TDA 2, to AAA(sf) (before AA(sf))	Bond 2CA Fitch Ratings has upgraded bond 2CA of FTPYME ICO TDA 2, to AAA(sf) (before AA+(sf))
Bond 2SA Fitch Ratings has upgraded bond 2SA of FTPYME ICO TDA 2, to AAA(sf) (before A(sf))	Bond B Fitch Ratings has upgraded bond B of FTPYME ICO TDA 2, to A(sf) (before BB(sf))

FTPYME TDA 4
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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

Calificaciï¿½n 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

Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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

Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n Fitch Ratings Bond: affirmed at AAA(sf); Outlook Stable

FTPYME TDA SABADELL 1
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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%
Calificaciï¿½n 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)
Moody's Note

TDA CAM 8
Calificaciï¿½n 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)
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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%
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n Moody's Bond: downgraded to Baa3(sf) from Baa1(sf); removed from review for possible downgrade
Calificaciï¿½n Fitch Ratings Bond: affirmed at BB+(sf); Outlook Stable from Negative
Calificaciï¿½n Standard and Poor's Bond: downgraded to BB(sf) from BB+(sf); removed from Watch Negative

CM BANCAJA 1
Calificaciï¿½n 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%
Calificaciï¿½n 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
Calificaciï¿½n Moody's Bond: affirmed at Baa1(sf); removed from review for possible downgrade
Calificaciï¿½n Fitch Ratings Bond: affirmed at BBB+(sf); Outlook Stable
Calificaciï¿½n Standard and Poor's Bond: downgraded to BBB-(sf) from BBB(sf); removed from Watch Negative

PROGRAMA CEDULAS TDA
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n Moody's Bond: affirmed at A3(sf); on review for possible downgrade
Calificaciï¿½n Fitch Ratings Bond: affirmed at BBB(sf); Negative Outlook
Calificaciï¿½n Standard and Poor's Bond: downgraded to A-(sf) from AA-(sf); removed from Watch Negative

CEDULAS TDA 3
Calificaciï¿½n Moody's Bond: affirmed at A3(sf): removed from review for possible downgrade
Calificaciï¿½n Fitch Ratings Bond: upgraded to A(sf) from BBB(sf); Outlook Stable
Calificaciï¿½n Standard and Poor's Bond: downgraded to BBB-(sf) from A-(sf); remove from Watch Negative

CEDULAS TDA 1
Calificaciï¿½n Moody's Bond: affirmed at Aaa(sf)
Calificaciï¿½n Fitch Ratings Bond: affirmed at AAA(sf); Stable Outlook

CEDULAS TDA 6
Calificaciï¿½n Moody's Bond: downgraded to A3(sf) from Baa1(sf); removed from review for possible downgrade
Calificaciï¿½n Fitch Ratings Bond: affirmed at BBB(sf); Negative Outlook
Calificaciï¿½n Standard and Poor's Bond: affirmed at BBB-(sf); removed from Watch Negative

CEDULAS TDA 14
Calificaciï¿½n Fitch Ratings Class A: affirmed at AAA(sf); Stable Outlook

CEDULAS TDA 13
Calificaciï¿½n Fitch Ratings Bond: affirmed at AA(sf); Watch Negative

CEDULAS TDA 18
Calificaciï¿½n Fitch Ratings Bond: Not rated from BBB(sf)
Calificaciï¿½n Standard and Poor's Bond: upgraded to AA(sf) from AA-(sf)

CEDULAS TDA 21
Calificaciï¿½n Moody's Bond: upgraded to Baa2(sf) from Baa3(sf): removed from review with uncertain direction
Calificaciï¿½n Standard and Poor's Bond: upgraded to AA(sf) from AA-(sf)

CEDULAS TDA 17
Calificaciï¿½n Moody's Bond: affirmed at Baa3(sf): on review for possible downgrade
Calificaciï¿½n Standard and Poor's Bond: downgraded to AA-(sf) from AA+(sf)

TDA 11
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n Standard and Poor's Class B Bond B: affirmed at AA-(sf): Watch Negative

CEDULAS TDA 19
Calificaciï¿½n Moody's Bond A: downgraded to Aa3(sf) from Aa1(sf); maintained on review for downgrade

TDA 9
Calificaciï¿½n Moody's Class A Bond A3: downgraded to Aa2(sf) from Aaa(sf); removed from placed on review for possible downgrade

TDA 30
Calificaciï¿½n 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)
Calificaciï¿½n Fitch Ratings Class A Bond A: affirmed at A+(sf); Outlook Stable from Negative

TDA IBERCAJA 7
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n Standard and Poor's Class A Bond A: affirmed at AA-(sf); Watch Negative
Calificaciï¿½n Moody's Class A Bond A: downgraded to A3(sf) from Aa2(sf); placed under review for possible downgrade

MADRID FTPYME I
Calificaciï¿½n 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)
Calificaciï¿½n Moody's Class A Bond A2(G): upgraded to Aa2(sf) from A1(sf)

CAIXA PENEDES 2 TDA
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n Standard and Poor's Class A Bond A: affirmed at A(sf)
Calificaciï¿½n Moody's Class A Bond A: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade

MADRID RESIDENCIAL II
Calificaciï¿½n Standard and Poor's Class A Bond A: affirmed at A(sf)
Calificaciï¿½n Moody's Class A Bond A: upgraded to Aa2(sf) from A1(sf); removed from placed under review for possible upgrade

TDA EMPRESAS 2
Calificaciï¿½n Standard and Poor's Class A Bond A: downgraded to BBB(sf) from A+(sf)

CEDULAS TDA 15
Calificaciï¿½n Standard and Poor's Bond: downgraded to AA-(sf) from AA+(sf)

TDA IBERCAJA ICO-FTVPO
Calificaciï¿½n Standard and Poor's Class A Bond A(G): upgraded to AA(sf) from AA-(sf) Class B Bond B: affirmed at D(sf)
Calificaciï¿½n Moody's Class A Bond A(G): upgraded to Aa3(sf) from A1(sf)

TDA 31
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n Moody's Class A Bond A: downgraded to Baa1(sf) from A3(sf); placed under review for possible downgrade
Calificaciï¿½n DBRS Class A Bond A: affirmed at A(high)(sf); under review negative

TDA IBERCAJA 6
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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)
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n 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
Calificaciï¿½n Moody's Class A Bond A(G): affirmed at A1(sf); placed under review for possible upgrade
Calificaciï¿½n Standard and Poor's Class A Bond A(G): affirmed at A(sf)

TDA 14-Mixto

Calificaciï¿½n 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
Calificaciï¿½n Moody's Class A Bond A: downgraded to Aa2(sf) from Aaa(sf)

TDA 12
Calificaciï¿½n 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
Calificaciï¿½n 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 ESPAï¿½A ONE
Calificaciï¿½n Standard and Poor's Class A: upgraded to AA(sf) from AA-(sf) Class B: upgraded to AA(sf) from AA-(sf)
Calificaciï¿½n 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

Calificaciï¿½n 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
Calificaciï¿½n Moody's Bonds: affirmed at A3(sf); removed from placed under review for possible downgrade
Calificaciï¿½n DBRS Bonds: affirmed at AAA(sf)

AUTO ABS 2012-3
Calificaciï¿½n Fitch Ratings Class A: upgraded to AA+(sf) from AA(sf); Outlook Stable from Positive

PRIVATE DRIVER ESPAï¿½A 2013-1
Calificaciï¿½n Standard and Poor's Class A: upgraded to AA(sf) from AA-(sf)

TDA CAM 10
Calificaciï¿½n 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)
Calificaciï¿½n 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)
Moody's Note

TdA

Titulización de Activos

Ratings updated

SOL-LION

Calificaciï¿½n Standard and Poor's

Calificaciï¿½n Fitch Ratings

TDA SA NOSTRA EMPRESAS 1

Calificaciï¿½n Fitch Ratings

MADRID RMBS II

Calificaciï¿½n Moody's

Calificaciï¿½n Fitch Ratings

Calificaciï¿½n Standard and Poor's

Moody's Note

CAIXA PENEDES PYMES 1 TDA

Calificaciï¿½n Fitch Ratings

Calificaciï¿½n Moody's

CAIXA PENEDES FTGENCAT 1 TDA

Calificaciï¿½n Fitch Ratings

TDA CCM CONSUMO 1

Calificaciï¿½n Fitch Ratings

TDA SA NOSTRA EMPRESAS 2

Calificaciï¿½n Fitch Ratings

Calificaciï¿½n Standard and Poor's

MADRID RMBS I

Calificaciï¿½n Fitch Ratings

Calificaciï¿½n Moody's

Calificaciï¿½n Standard and Poor's

Moody's Note

TDA CCM EMPRESAS 1

Calificaciï¿½n Moody's

MADRID RMBS IV

Calificaciï¿½n Standard and Poor's

Calificaciï¿½n Moody's

FTPYME TDA BANCA MARCH

Calificaciï¿½n Moody's

CIBELES III FTPYME

Calificaciï¿½n Standard and Poor's

Calificaciï¿½n Moody's

TDA 19-MIXTO

Calificaciï¿½n Fitch Ratings

Calificaciï¿½n Moody's

TDA CAJAMAR 2

Calificaciï¿½n Fitch Ratings

Calificaciï¿½n Standard and Poor's

FTPYME TDA CAM 9

Calificaciï¿½n Moody's

Calificaciï¿½n DBRS

TDA CAM 12

Calificaciï¿½n Moody's

Calificaciï¿½n Fitch Ratings

MADRID CONSUMO I

Calificaciï¿½n Standard and Poor's

Calificaciï¿½n Moody's

TDA 21

Calificaciï¿½n Standard and Poor's

TDA IBERCAJA 1

Calificaciï¿½n Standard and Poor's

Calificaciï¿½n Moody's

TDA 7

Calificaciï¿½n Fitch Ratings

FTPYME TDA 3

Bond 1SA

Bond 2CA

Bond 2SA

Bond B

FTPYME TDA CAM1

Bond 2SA

Bond B

TDA 4

Bond B

TDA 5

Bond B

FTPYME ICO TDA 2

Bond 1SA

Bond 2CA

Bond 2SA

Bond B

FTPYME TDA 4

Calificaciï¿½n Fitch Ratings

TDA CREDIFIMO 1