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Certain Italian, Portuguese, And Spanish RMBS Ratings Placed Under Criteria Observation Due To Criteria Update

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Certain Italian, Portuguese, And Spanish RMBS Ratings Placed Under Criteria Observation Due To Criteria Update

LONDON (S&P Global Ratings) Jan. 8, 2021--S&P Global Ratings has today added its under criteria observation (UCO) identifier to certain Italian, Portuguese, and Spanish residential mortgage-backed securities (RMBS) ratings. This affected a total of 175 ratings from 76 RMBS transactions. These ratings have the "UCO" label in the Regulatory Identifier column on the individual transaction pages of S&P Global Ratings online credit rating products. The UCO identifier indicates a rating that could be affected by a published change in criteria (see "Standard & Poor's Announces "Under Criteria Observation" Identifier For Ratings Potentially Affected By Criteria Changes," published May 7, 2013).

On Jan. 8, 2021, we republished our global RMBS criteria following the expansion of the criteria's scope to include Austria, Germany, Greece, Hungary, Italy, Portugal, and Spain (see "Global Methodology And Assumptions: Assessing Pools Of Residential Loans"). The criteria became effective immediately upon publication. The expansion of the criteria's scope to include Austria, Germany, Greece, and Hungary did not result in any UCO identifiers added to ratings in these jurisdictions (see "Global Criteria For Assessing Pools Of Residential Loans Updated To Include Seven European Jurisdictions, published today, for more details on the expected impact on the ratings).

The UCO identifier will remain in place until the conclusion of the review under the changed criteria for all of the affected ratings, at which time the ratings may be affirmed, changed, or placed on CreditWatch. The UCO identifier does not modify any rating definition, nor is it equivalent to a CreditWatch placement. S&P Global Ratings expects to review the ratings identified as UCO within six months of the criteria's effective date.

Issuers With Ratings Placed Under Criteria Observation
Issuer name Series Class Domicile of assets

Capital Mortgage S.r.l.

2007-1 B Italy

Capital Mortgage S.r.l.

D Italy

Capital Mortgage S.r.l.

E Italy

Civitas SPV S.r.l.

2017-1 A1 Italy

Civitas SPV S.r.l.

2017-1 A2 Italy

Civitas SPV S.r.l.

2017-1 B Italy

Cordusio RMBS Securitisation S.r.l.

E Italy

F-E Mortgages S.r.l.

2005 C Italy

Lanterna Mortgage S.r.l.

A1 Italy

Lanterna Mortgage S.r.l.

A2 Italy

Sestante Finance S.r.l.

4 A2 Italy

Azor Mortgages PLC

C Portugal

GAMMA Sociedade de Titularizacao de Creditos, S.A.

ATLANTES MORT. NO2 C Portugal

HipoTotta No. 5 PLC

E Portugal

Lusitano Mortgages No. 4 PLC

B Portugal

Lusitano Mortgages No. 4 PLC

C Portugal

Lusitano Mortgages No. 4 PLC

D Portugal

Lusitano Mortgages No. 5 PLC

B Portugal

Lusitano Mortgages No. 5 PLC

C Portugal

Lusitano Mortgages No. 5 PLC

D Portugal

Lusitano Mortgages No. 6 DAC

C Portugal

Lusitano Mortgages No. 6 DAC

D Portugal

Lusitano Mortgages No. 7 DAC

B Portugal

Magellan Mortgages No. 1 PLC

C Portugal

Magellan Mortgages No. 3 PLC

D Portugal

Magellan Mortgages No. 4 PLC

B Portugal

Magellan Mortgages No. 4 PLC

C Portugal

Magellan Mortgages No. 4 PLC

D Portugal

SAGRES STC - Pelican Mortgages No. 3

PELICAN MORT NO. 3 A Portugal

SAGRES STC - Pelican Mortgages No. 3

PELICAN MORT NO. 3 B Portugal

SAGRES STC - Pelican Mortgages No. 3

PELICAN MORT NO. 3 C Portugal

SAGRES STC - Pelican Mortgages No. 3

PELICAN MORT NO. 3 D Portugal

AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos

A Spain

AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos

B Spain

AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos

C Spain

AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos

A Spain

AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos

B Spain

AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos

C Spain

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos

A Spain

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos

B Spain

AyT Genova Hipotecario IV Fondo de Titulizacion Hipotecaria

B Spain

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

B Spain

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

C Spain

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

D Spain

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

B Spain

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

C Spain

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

D Spain

AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria

B Spain

AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria

C Spain

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

B Spain

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

C Spain

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

D Spain

AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria

D Spain

AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos

B Spain

AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos

C Spain

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos

A Spain

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos

B Spain

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos

C Spain

AyT Kutxa Hipotecario II

B Spain

AyT Kutxa Hipotecario II

C Spain

Bancaja 7 Fondo de Titulizacion de Activos

B Spain

Bancaja 7 Fondo de Titulizacion de Activos

C Spain

Bancaja 7 Fondo de Titulizacion de Activos

D Spain

Bankinter 10, Fondo de Titulizacion de Activos

B Spain

Bankinter 10, Fondo de Titulizacion de Activos

C Spain

Bankinter 10, Fondo de Titulizacion de Activos

D Spain

Bankinter 11 Fondo de Titulizacion Hipotecaria

C Spain

Bankinter 11 Fondo de Titulizacion Hipotecaria

D Spain

Bankinter 13, Fondo de Titulizacion de Activos

B Spain

Bankinter 13, Fondo de Titulizacion de Activos

C Spain

Bankinter 13, Fondo de Titulizacion de Activos

D Spain

Bankinter 6 Fondo de Titulizacion de Activos

B Spain

Bankinter 6 Fondo de Titulizacion de Activos

C Spain

Bankinter 8 Fondo de Titulizacion de Activos

B Spain

Bankinter 8 Fondo de Titulizacion de Activos

C Spain

BBVA RMBS 10, Fondo de Titulizacion de Activos

A, B B Spain

BBVA RMBS 11, Fondo de Titulizacion de Activos

A,B C Spain

BBVA RMBS 14, Fondo de Titulizacion de Activos

B Spain

BBVA RMBS 2, Fondo de Titulizacion de Activos

A4 Spain

BBVA RMBS 2, Fondo de Titulizacion de Activos

B Spain

BBVA RMBS 2, Fondo de Titulizacion de Activos

C Spain

BBVA RMBS 5, Fondo de Titulizacion de Activos

C Spain

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

A Spain

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

B Spain

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

C Spain

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos

A Spain

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos

B Spain

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos

C Spain

Fondo de Titulizacion de Activos Santander Hipotecario 1

D Spain

Fondo de Titulizacion de Activos Santander Hipotecario 2

B Spain

Fondo de Titulizacion de Activos Santander Hipotecario 2

C Spain

Fondo de Titulizacion de Activos Santander Hipotecario 2

D Spain

Fondo de Titulizacion de Activos Santander Hipotecario 2

E Spain

Fondo de Titulizacion de Activos Santander Hipotecario 3

A1 Spain

Fondo de Titulizacion de Activos Santander Hipotecario 3

A2 Spain

Fondo de Titulizacion de Activos Santander Hipotecario 3

A3 Spain

Fondo de Titulizacion de Activos UCI 11

A Spain

Fondo de Titulizacion de Activos UCI 11

B Spain

Fondo de Titulizacion de Activos UCI 11

C Spain

Fondo de Titulizacion de Activos UCI 14

A Spain

Fondo de Titulizacion de Activos UCI 14

B Spain

Fondo de Titulizacion de Activos UCI 14

C Spain

Fondo de Titulizacion de Activos UCI 15

A Spain

Fondo de Titulizacion de Activos UCI 15

B Spain

Fondo de Titulizacion de Activos UCI 15

C Spain

Fondo de Titulizacion de Activos UCI 16

A2 Spain

Fondo de Titulizacion de Activos UCI 16

B Spain

Fondo de Titulizacion de Activos UCI 17

A2 Spain

Fondo de Titulizacion de Activos UCI 9

B Spain

Fondo de Titulizacion de Activos UCI 9

C Spain

Fondo de Titulizacion Hipotecaria UCI 10

A Spain

Fondo de Titulizacion Hipotecaria UCI 10

B Spain

Fondo de Titulizacion Hipotecaria UCI 12

A Spain

Fondo de Titulizacion Hipotecaria UCI 12

B Spain

Fondo de Titulizacion Hipotecaria UCI 12

C Spain

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos

A2 Spain

Hipocat 10, Fondo de Titulizacion de Activos

A3 Spain

Hipocat 10, Fondo de Titulizacion de Activos

A2 Spain

Hipocat 11, Fondo de Titulizacion de Activos

A2 Spain

Hipocat 7, Fondo de Titulizacion de Activos

C Spain

Hipocat 7, Fondo de Titulizacion de Activos

D Spain

Hipocat 8, Fondo de Titulizacion de Activos

C Spain

Hipocat 8, Fondo de Titulizacion de Activos

D Spain

Hipocat 9, Fondo de Titulizacion de Activos

A2b Spain

Hipocat 9, Fondo de Titulizacion de Activos

B Spain

Hipocat 9, Fondo de Titulizacion de Activos

C Spain

Hipocat 9, Fondo de Titulizacion de Activos

D Spain

Hipocat 9, Fondo de Titulizacion de Activos

A2a Spain

IM PASTOR 2, Fondo de Titulizacion Hipotecaria

C Spain

IM PASTOR 2, Fondo de Titulizacion Hipotecaria

D Spain

IM PASTOR 3, Fondo de Titulizacion Hipotecaria

A Spain

IM PASTOR 4, Fondo de Titulizacion de Activos

A Spain

MADRID RMBS I, Fondo de Titulizacion de Activos

A2 Spain

MADRID RMBS I, Fondo de Titulizacion de Activos

B Spain

MADRID RMBS I, Fondo de Titulizacion de Activos

C Spain

MADRID RMBS I, Fondo de Titulizacion de Activos

D Spain

MADRID RMBS II, Fondo de Titulizacion de Activos

A3 Spain

MADRID RMBS II, Fondo de Titulizacion de Activos

B Spain

MADRID RMBS II, Fondo de Titulizacion de Activos

C Spain

MADRID RMBS II, Fondo de Titulizacion de Activos

D Spain

MADRID RMBS III, Fondo de Titulizacion de Activos

A2 Spain

MADRID RMBS III, Fondo de Titulizacion de Activos

A3 Spain

MADRID RMBS IV, Fondo de Titulizacion de Activos

C Spain

MADRID RMBS IV, Fondo de Titulizacion de Activos

D Spain

MADRID RMBS IV, Fondo de Titulizacion de Activos

E Spain

Miravet S.a r.l., Compartment 2020-1

B-Dfrd Spain

Miravet S.a r.l., Compartment 2020-1

C-Dfrd Spain

Miravet S.a r.l., Compartment 2020-1

D-Dfrd Spain

Miravet S.a r.l., Compartment 2020-1

E-Dfrd Spain

TDA Cajamar 2, Fondo de Titulizacion de Activos

A3 Spain

TDA Cajamar 2, Fondo de Titulizacion de Activos

B Spain

TDA Cajamar 2, Fondo de Titulizacion de Activos

C Spain

TDA Cajamar 2, Fondo de Titulizacion de Activos

D Spain

TDA CAM 9, Fondo de Titulizacion de Activos

A1 Spain

TDA CAM 9, Fondo de Titulizacion de Activos

A2 Spain

TDA CAM 9, Fondo de Titulizacion de Activos

A3 Spain

TDA Ibercaja 2 Fondo de Titulizacion de Activos

B Spain

TDA Ibercaja 2 Fondo de Titulizacion de Activos

C Spain

TDA Ibercaja 2 Fondo de Titulizacion de Activos

D Spain

TDA Ibercaja 3 Fondo de Titulizacion de Activos

A Spain

TDA Ibercaja 3 Fondo de Titulizacion de Activos

B Spain

TDA Ibercaja 3 Fondo de Titulizacion de Activos

C Spain

TDA Ibercaja 4 Fondo de Titulizacion de Activos

A2 Spain

TDA Ibercaja 4 Fondo de Titulizacion de Activos

B Spain

TDA Ibercaja 4 Fondo de Titulizacion de Activos

C Spain

TDA Ibercaja 4 Fondo de Titulizacion de Activos

D Spain

TDA Ibercaja 4 Fondo de Titulizacion de Activos

E Spain

TDA Ibercaja 5, Fondo de Titulizacion de Activos

A2 Spain

TDA Ibercaja 5, Fondo de Titulizacion de Activos

B Spain

TDA Ibercaja 5, Fondo de Titulizacion de Activos

C Spain

TDA Ibercaja 5, Fondo de Titulizacion de Activos

D Spain

TDA Ibercaja 6, Fondo de Titulizacion de Activos

B Spain

TDA Ibercaja 6, Fondo de Titulizacion de Activos

C Spain

TDA Ibercaja 6, Fondo de Titulizacion de Activos

D Spain

TDA Ibercaja 7, Fondo de Titulizacion de Activos

B Spain

This report does not constitute a rating action.

S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,400 credit analysts in 26 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.

Primary Credit Analyst:Alastair Bigley, London + 44 20 7176 3245;
Alastair.Bigley@spglobal.com
Secondary Contact:Elton Eakins, London + 44 20 7176 3698;
elton.eakins@spglobal.com

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