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COMMENTS

Updated Criteria Leads To Positive Rating Actions For Many Italian, Portuguese, And Spanish RMBS Notes

Root and Branch - September 2021: Sustainability KPIs and the balance between E, S and G

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HAT Holdings I LLC/HAT Holdings II LLC's Green Commercial Paper Notes Rated

COMMENTS

Table Of Contents: S&P Global Ratings Credit Rating Models

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Servicer Evaluation: Rialto Capital Advisors LLC


Updated Criteria Leads To Positive Rating Actions For Many Italian, Portuguese, And Spanish RMBS Notes

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 took effect immediately upon publication (see "Global Criteria For Assessing Pools Of Residential Loans Updated To Include Seven European Jurisdictions," published Jan. 8, 2021, on RatingsDirect).

Following this, we added our under criteria observation (UCO) identifier to 175 ratings from 76 Italian, Portuguese, and Spanish residential mortgage-backed securities (RMBS) transactions while we assessed the potential rating impact of the updated criteria. Fondo de Titulizacion de Activos UCI 9 and tranche A3 in Hipocat 10, Fondo de Titulizacion de Activos, both Spanish RMBS transactions, were redeemed before we concluded our review. None of our ratings in the covered bond programs or Multicedulas transactions were affected.

After conducting our reviews on the affected deals, 61.48% of the total tranches in the three countries were either affirmed or unaffected (249 tranches), 37.78% were upgraded (153 tranches), and only 0.74% were downgraded (three tranches).

Table 1 shows the type of rating action by each rating category for each country. For example, in Italy, upgrades were 13.25% of the total portfolio by tranche. In Portugal and Spain, the upgrades affected 36.00% and 45.60% of tranches, respectively. We rate 35 RMBS deals in Italy, 21 in Portugal, and 77 in Spain.

Table 1

Type Of Rating Action At Each Rating Level By Country
(%) Number of rating actions Affirmed Downgrade Upgrade Unaffected
Italy 83 18.08 0.00 13.25 68.67
Portugal 50 44.00 0.00 36.00 20.00
Spain 272 35.29 1.10 45.60 18.01
Total 405 32.84 0.74 37.78 28.64

The Criteria Update Has An Overall Positive Ratings Impact

In our opinion, and in line with our expectations, the revised criteria has had no negative impact in Italy and Portugal, and only a very limited one in Spain. Certain aspects of the revised criteria have positively affected our credit and cash flow analysis. For example, in the updated criteria, the loan-to-value (LTV) we use to determine weighted-average foreclosure frequency (WAFF), we give 80% weighting to the original LTV (OLTV) and 20% to the current LTV. Before, we used only OLTV to calculate WAFF, which a more conservative approach, especially for transactions with higher OLTV and lower seasoning. In addition, our revised criteria only penalize geographical concentration to the excess above the regional concentration limits. Previously, we penalized all loans in a region that exceeded the regional concentration limit.

In terms of cash flow analysis, some transactions benefit from lower servicing replacement fees because under the revised criteria, for certain originators, based on the quality and historical performance of their underlying assets, the type of servicing platform, the size of their asset portfolio, and related economies of scale, we apply a fee equal to the higher of 1.5x the contractual fee and 35 basis points (bps). The foreclosure timing decreased to seven years for residential properties in Southern Italy from 10. This benefits the cash flow analysis because recoveries are available at an earlier stage in the life of the deal.

In Portugal and Spain, the positive factors have been partially offset by the change in sizing in foreclosure costs, which under the updated guidance are higher and have a fixed component in addition to the existing floating part.

As well, the overall stable performance of RMBS transactions in these jurisdictions despite current economic conditions, and the continued deleveraging of transactions resulting in increased levels of credit enhancement, have contributed to the positive rating migrations in the portfolios.

Most Ratings Did Not Move, While We Raised 38% And Lowered Only 0.74%

From January-June 2021, we completed our reviews, which included a credit and cash flow analysis and the review of the other three pillars of our analysis (that is, counterparty, legal, and operational) for each affected transaction. Overall, we reviewed 26 ratings in seven Italian RMBS transactions, 40 ratings in 11 Portuguese RMBS transactions, and 225 ratings in 57 Spanish RMBS transactions. We excluded some transactions in the three jurisdictions from our review because all their tranches were at their maximum potential rating by either counterparty or sovereign criteria caps.

Of the 83 tranches outstanding in Italy, we affirmed 18.08% and upgraded 13.25%; 68.67% were unaffected. In Portugal, of 50 tranches, we affirmed 44% and upgraded 36%; 20% were unaffected. None of the tranches reviewed in Italy and Portugal were negatively affected. At the same time, of the 272 tranches in Spain, 35.29% were affirmed, 45.60% were upgraded, 18.01% were unaffected, and only 1.10% were downgraded. This includes the three tranches in Bankinter 6 that were fully amortized after our review.

Appendix 1: Italian Transactions Reviewed: The Average Rating Change Was 1.04 Notches

Table 2

Italy--Type Of Rating Action At Each Rating Level
(%) Number Affirm Downgrade Upgrade
Total 26 57.69 0.00 42.31
Rating Number Affirm Downgrade Upgrade
AAA - - -
AA+ - - - -
AA 10 100.00 - -
AA- - - - -
A+ 4 - - 100.00
A 1 - - 100.00
A- - - - -
BBB+ - - - -
BBB - - - -
BBB- 2 - - 100.00
BB+ - - - -
BB 3 - - 100.00
BB- 1 - - 100.00
B+ - - - -
B - - - -
B- 1 100.00 - -
CCC+ - - - -
CCC - - - -
CCC- 1 100.00 - -
D 3 100.00 - -

Of the 26 tranches in seven deals whose ratings we reviewed, we affirmed all three tranches rated 'D (sf)' (default) and 10 tranches at 'AA (sf)' (see table 2). This is the maximum rating that we assign in Italy because our sovereign risk criteria caps the ratings in Italy at 'AA (sf)' (see "Incorporating Sovereign Risk In Rating Structured Finance Securities: Methodology And Assumptions," published Jan. 30, 2019). We also affirmed one tranche in the 'CCC' category. We upgraded the remaining 11, representing 42.31% of the total reviewed in Italy. Overall, the average rating change on an Italian RMBS tranche was 1.04 (see table 3). We did not downgrade any reviewed tranche.

Table 3

Italy--Average Notch Change By Rating Category
Prereview rating AAA AA A BBB BB B CCC D Total
Total number of tranches - 10.0 5.0 2.0 4.0 1.0 1.0 3.0 26.0
Affirm - 10.0 - 0.0 0.0 1.0 1.0 3.0 15.0
Downgrade - - - - - - - - 0.0
Upgrade - - 5.0 2.0 4.0 - - - 11.0
Average notch change 0.0 0.0 2.0 1.5 3.5 0.0 0.0 0.0 1.04

Mezzanine tranches in the Italian RMBS capital structures experienced the most significant rating changes. Among the five Italian RMBS tranches that we reviewed in the 'A' category, we upgraded all of them to the 'AA' category, and the average rating change was two notches. Among the tranches in the 'BBB' category before the application of the revised criteria, we upgraded all tranches, and the average rating change was 1.5 notches. Both tranches remained in the 'BBB' category.

Table 4

Rating Transition And Average Notch Change At Each Rating Level In Italian Transactions
--Final rating--
Prereview rating AA (sf) AA- (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) B- (sf) CCC- (sf) D (sf) Total Average rating transition (notches)
AA (sf) 10.0 10.0 0.0
A+ (sf) 4.0 4.0 2.0
A (sf) 1.0 1.0 2.0
BBB- (sf) 1.0 1.0 2.0 1.5
BB (sf) 1.0 1.0 1.0 3.0 3.3
BB- (sf) 1.0 1.0 4.0
B- (sf) 1.0 1.0 0.0
CCC- (sf) 1.0 1.0 0.0
D (sf) 3.0 3.0 0.0

Table 4 shows the degree of rating transition at each rating level for the ratings reviewed in Italian transactions. For example, tranches rated 'BBB-' at the time of our review experienced an average rating change of 1.5 notches.

Appendix 2: Portuguese Transactions Reviewed: The Average Rating Change Was 1.18 Notches

Table 5

Portugal--Type Of Rating Action At Each Rating Level
(%) Number Affirmed Downgraded Upgraded
Total 40 55.00 0.00 45.00
AAA - - -
AA+ - - - -
AA 7 100.00 - -
AA- 3 33.33 - 66.67
A+ 1 100.00 - -
A 6 66.67 - 33.33
A- 3 100.00 - -
BBB+ 1 - - 100.00
BBB 6 16.67 - 83.33
BBB- 1 - - 100.00
BB+ 1 - - 100.00
BB 1 - - 100.00
BB- 1 - - 100.00
B+ 1 - - 100.00
B 2 50.00 - 50.00
B- 3 66.67 - 33.33
CCC+ - - - -
CCC 1 - - 100.00
CCC- 1 100.00 - -
D 1 100.00 - -

Of the 40 tranches whose ratings we reviewed, seven (17.5%) were rated 'AA (sf)', the maximum rating that we assign in Portugal as per our sovereign risk criteria; we affirmed these seven. We also raised three ratings to 'AA (sf)' from 'AA- (sf)'. We affirmed all 'A+ (sf)' and 'A- (sf)', and raised one-third of the 'A (sf)' ratings. We upgraded all tranches previously rated from 'BBB+ (sf)' to 'B+ (sf)' except one 'BBB (sf)' rated tranche. Of the eight tranches rated 'B (sf)' or below, we affirmed five and upgraded three. The average rating change on a Portuguese RMBS tranche, was 1.18 (see table 6). We did not downgrade any reviewed Portuguese tranche.

Table 6

Portugal--Average Notch Change By Rating Category
Prereview rating AAA AA A BBB BB B CCC D Total
Total number of tranches - 10 10 8 3 6 2 1 40
Affirm - 8 8 1 - 3 1 1 22
Downgrade - - - - - - - - 0
Upgrade - 2 2 7 3 3 1 - 18
Average notch change 0 0.2 0.6 2 3.67 1.5 1.5 0

We affirmed eight of 10 tranches rated in the 'A' category, upgrading the rest to the 'AA (sf)' rating category. Among the eight Portuguese RMBS tranches in the 'BBB' category, we upgraded seven (six of them to the 'A' category and one remaining in the 'BBB' category) and affirmed one. The average rating change in the 'BBB' category was two notches. Among the 11 tranches we reviewed in the speculative-grade categories, we upgraded one tranche to the 'A' category and three to the 'BBB' category. The average rating change of tranches in the speculative-grade category was 1.92 notches.

Table 7

Rating Transition At Each Rating Level And Average Notch Change At Each Rating Level In Portuguese Transactions
--Final rating
Prereview rating AA (sf) AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB (sf) B+ (sf) B (sf) B- (sf) CCC- (sf) D (sf) Total Average rating transition (notches)
AA (sf) 7 7 0.00
AA- (sf) 2 1 3 0.67
A+ (sf) 1 1 0.00
A (sf) 2 4 6 1.00
A- (sf) 3 3 0.00
BBB+ (sf) 1 1 1.00
BBB (sf) 3 1 1 1 6 2.00
BBB- (sf) 1 1 3.00
BB+ (sf) 1 1 4.00
BB (sf) 1 1 3.00
BB- (sf) 1 1 4.00
B+ (sf) 1 1 4.00
B (sf) 1 1 2 1.50
B- (sf) 1 2 3 0.67
CCC (sf) 1 1 3.00
CCC- (sf) 1 1 0.00
D (sf) 1 1 0.00
Grand Total 11 1 1 7 7 1 3 1 1 1 2 2 1 1 40

Table 7 shows the degree of rating transition at each rating level for the ratings under review in Portuguese transactions. For example, the six tranches rated 'BBB (sf)' at the time of our review experienced an average rating change of two notches.

Appendix 3: Spanish Transactions Reviewed: The Average Rating Change Was 1.27 Notches

Table 8

Spain--Type Of Rating Action At Each Rating Level
(%) Number Affirm Downgrade Upgrade
Total 225 43.6 1.3 55.1
AAA 31 100.0 0.0 0.0
AA+ 10 40.0 0.0 60.0
AA 18 0.0 0.0 100.0
AA- 11 0.0 0.0 100.0
A+ 15 0.0 0.0 100.0
A 14 21.4 0.0 78.6
A- 15 53.3 0.0 46.7
BBB+ 8 0.0 0.0 100.0
BBB 14 0.0 7.1 92.9
BBB- 9 11.1 11.1 77.8
BB+ 8 12.5 0.0 87.5
BB 6 0.0 0.0 100.0
BB- 1 0.0 0.0 100.0
B+ 3 33.3 0.0 66.7
B 6 0.0 16.7 83.3
B- 12 66.7 0.0 33.3
CCC+ 2 50.0 0.0 50.0
CCC 3 33.3 0.0 66.7
CCC- 7 100.0 0.0 0.0
D 32 100.0 0.0 0.0

Of the 225 tranches we reviewed, we affirmed all 31 (13.8% of the total) rated 'AAA', reflecting their high levels of credit enhancement. Following our review, the average rating change on a Spanish RMBS tranche was 1.27. We raised the 44 tranches rated 'AA (sf)', 'AA- (sf)', and 'A+ (sf)' at the time of the review. We upgraded all tranches rated 'BBB+ (sf)', 'BB (sf)', and 'BB- (sf)'. Of the 65 tranches rated 'B+ (sf)' and below, the rating actions were less homogeneous and the average rating change was one notch (see table 9).

Table 9

Spain--Average Notch Change By Rating Category
Prereview rating AAA AA A BBB BB B CCC D Total
Total number of tranches 31 39 44 31 15 21 12 32 225
Affirm 31 4 11 1 1 9 9 32 98
Downgrade - - - 2 - 1 - - 3
Upgrade - 35 33 28 14 11 3 - 124
Average notch change 0 1.36 2 2.42 2.8 0.95 0.67 0

More specifically, we upgraded to 'AAA' 20 tranches from the 'AA' and 'A' categories, with an average rating change of 1.9 notches. Among the 44 Spanish RMBS tranches in the 'A' category that we reviewed, we upgraded 33 and affirmed 11. The average rating change in the 'A' category was two notches. Among the 31 tranches we reviewed in the 'BBB' rating category, we upgraded 28, with an average rating change of 2.42 notches. Of the 48 tranches in speculative-grade categories, we upgraded 14 were upgraded from the 'BB' rating category to investment-grade levels (13 tranches to 'BBB' and one tranche to 'A', respectively), with an average rating change of 2.8 notches.

Finally, we downgraded two tranches, in UCI 14 and UCI 15, to 'BB', from 'BBB-' and 'BBB', respectively. As well, one tranche in the Miravet transaction was downgraded to 'B- (sf)' from 'B (sf)'. In UCI 14 and UCI 15, almost 50% of the portfolios have been restructured at least once since origination, with around 20% of this under restructuring arrangements, in each portfolio. These borrowers are paying a lower amount than their original schedule. Therefore, we have increased our reperforming adjustment to 5.0x from 2.5x (for more information, see "Spanish RMBS UCI 14 Rating Raised On Class A Notes Following Criteria Revision; Rating Lowered On Class B Notes" and "Spanish RMBS UCI 15 Rating Raised On Class A Notes Following Criteria Revision; Rating Lowered On Class B Notes," published May 11, 2021). In Miravet, almost 80% of the portfolio has been restructured at least once since origination, with 14.3% considered reperforming under our definition. We have now applied our updated reperforming adjustments on a loan-by-loan basis. As well, under our updated Spanish RMBS criteria, we have assumed low CPR scenarios of 0.5% at all rating levels, whereas under our previous criteria, we assumed high and expected CPR scenarios at all rating levels and low CPR scenarios only at 'AA-' and above, which in combination with the negative excess spread in the transaction, lead to the negative rating action (see "Miravet Comp. 2020-1 Class B And C Spanish RMBS Notes Ratings Raised And Class E Notes Lowered; Other Ratings Affirmed," published June 23, 2021). These downgrades represent only 1.33% of the total tranches that we reviewed in Spanish RMBS.

Table 10

Rating Transition At Each Rating Level And Average Notch Change At Each Rating Level In Spanish Transactions
--Final rating--
Prereview rating AAA (sf) AA+ (sf) AA (sf) AA- (sf) A+ (sf) A (sf) A- (sf) BBB+ (sf) BBB (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B+ (sf) B (sf) B- (sf) CCC+ (sf) CCC (sf) CCC- (sf) D (sf) Total Average rating change (notches)
AAA (sf) 31 31 0.00
AA+ (sf) 6 4 10 0.60
AA (sf) 12 6 18 1.67
AA- (sf) 6 5 11 1.55
A+ (sf) 2 4 9 15 2.53
A (sf) 1 6 2 2 3 14 2.00
A- (sf) 3 2 2 8 15 1.47
BBB+ (sf) 5 3 8 2.63
BBB (sf) 1 4 3 4 1 1 14 2.64
BBB- (sf) 1 2 2 2 1 1 9 1.89
BB+ (sf) 1 3 2 1 1 8 2.25
BB (sf) 2 4 6 3.33
BB- (sf) 1 1 4.00
B+ (sf) 1 1 1 3 1.33
B (sf) 2 1 2 1 6 1.50
B- (sf) 3 1 8 12 0.58
CCC+ (sf) 1 1 2 0.50
CCC (sf) 1 1 1 3 2.33
CCC- (sf) 7 7 0.00
D (sf) 32 32 0.00
Total 51 21 24 4 14 11 13 8 9 2 2 5 2 6 1 10 2 1 7 32 225

Table 10 shows the degree of rating transition at each rating level for the ratings reviewed in Spanish transactions. For example, the tranches rated 'A- (sf)' at the time of our review experienced an average rating change of 1.47 notches.

Appendix 4: Affected Issuers

Table 11

Issuers With Ratings Placed Under Criteria Observation (UCO)
UCO Series Class Domicile of assets Initial rating Final rating

Capital Mortgage S.r.l.

N 2007-1 A1 Italy AA (sf) AA (sf)

Capital Mortgage S.r.l.

N 2007-1 A2 Italy AA (sf) AA (sf)

Capital Mortgage S.r.l.

Y 2007-1 B Italy BB (sf) BBB (sf)

Capital Mortgage S.r.l.

N 2007-1 C Italy CCC- (sf) CCC- (sf)

Capital Mortgage S.r.l.

N A2 Italy AA (sf) AA (sf)

Capital Mortgage S.r.l.

N B Italy AA (sf) AA (sf)

Capital Mortgage S.r.l.

N C Italy AA (sf) AA (sf)

Capital Mortgage S.r.l.

Y D Italy BB (sf) A- (sf)

Capital Mortgage S.r.l.

Y E Italy B- (sf) B- (sf)

Civitas SPV S.r.l.

Y 2017-1 A1 Italy A+ (sf) AA (sf)

Civitas SPV S.r.l.

Y 2017-1 A2 Italy A+ (sf) AA (sf)

Civitas SPV S.r.l.

Y 2017-1 B Italy BBB- (sf) BBB (sf)

Cordusio RMBS Securitisation S.r.l.

N A3 Italy AA (sf) AA (sf)

Cordusio RMBS Securitisation S.r.l.

N B Italy AA (sf) AA (sf)

Cordusio RMBS Securitisation S.r.l.

N C Italy AA (sf) AA (sf)

Cordusio RMBS Securitisation S.r.l.

N D Italy A (sf) AA- (sf)

Cordusio RMBS Securitisation S.r.l.

Y E Italy BB- (sf) BBB (sf)

F-E Mortgages S.r.l.

N 2005 A Italy AA (sf) AA (sf)

F-E Mortgages S.r.l.

N 2005 B Italy AA (sf) AA (sf)

F-E Mortgages S.r.l.

Y 2005 C Italy BBB- (sf) BBB+ (sf)

Lanterna Mortgage S.r.l.

Y A1 Italy A+ (sf) AA (sf)

Lanterna Mortgage S.r.l.

Y A2 Italy A+ (sf) AA (sf)

Sestante Finance S.r.l.

Y 4 A2 Italy BB (sf) BBB- (sf)

Sestante Finance S.r.l.

N 4 B Italy D (sf) D (sf)

Sestante Finance S.r.l.

N 4 C1 Italy D (sf) D (sf)

Sestante Finance S.r.l.

N 4 C2 Italy D (sf) D (sf)

Azor Mortgages PLC

N B Portugal AA (sf) AA (sf)

Azor Mortgages PLC

Y C Portugal A+ (sf) A+ (sf)

GAMMA Sociedade de Titularizacao de Creditos, S.A.

N A Portugal AA (sf) AA (sf)

GAMMA Sociedade de Titularizacao de Creditos, S.A.

N B Portugal AA (sf) AA (sf)

GAMMA Sociedade de Titularizacao de Creditos, S.A.

Y C Portugal BBB (sf) BBB+ (sf)

HipoTotta No. 5 PLC

Y B Portugal A (sf) A (sf)

HipoTotta No. 5 PLC

Y C Portugal A (sf) A (sf)

HipoTotta No. 5 PLC

Y D Portugal A (sf) A (sf)

HipoTotta No. 5 PLC

Y E Portugal BBB (sf) A (sf)

HipoTotta No. 5 PLC

Y F Portugal CCC- (sf) CCC- (sf)

HipoTotta No. 5 PLC

Y A2 Portugal A (sf) A (sf)

Lusitano Mortgages No. 4 PLC

N A Portugal AA (sf) AA (sf)

Lusitano Mortgages No. 4 PLC

Y B Portugal BB+ (sf) A- (sf)

Lusitano Mortgages No. 4 PLC

Y C Portugal B+ (sf) BBB- (sf)

Lusitano Mortgages No. 4 PLC

Y D Portugal B- (sf) B- (sf)

Lusitano Mortgages No. 5 PLC

N A Portugal AA (sf) AA (sf)

Lusitano Mortgages No. 5 PLC

Y B Portugal A (sf) AA (sf)

Lusitano Mortgages No. 5 PLC

Y C Portugal BBB (sf) BBB (sf)

Lusitano Mortgages No. 5 PLC

Y D Portugal B (sf) B (sf)

Lusitano Mortgages No. 6 DAC

Y A Portugal A- (sf) A- (sf)

Lusitano Mortgages No. 6 DAC

Y B Portugal A- (sf) A- (sf)

Lusitano Mortgages No. 6 DAC

Y C Portugal BBB+ (sf) A- (sf)

Lusitano Mortgages No. 6 DAC

Y D Portugal CCC (sf) B (sf)

Lusitano Mortgages No. 6 DAC

Y E Portugal D (sf) D (sf)

Lusitano Mortgages No. 7 DAC

N A Portugal AA (sf) AA (sf)

Lusitano Mortgages No. 7 DAC

Y B Portugal BBB (sf) A (sf)

Magellan Mortgages No. 1 PLC

Y B Portugal A- (sf) A- (sf)

Magellan Mortgages No. 1 PLC

Y C Portugal B- (sf) B- (sf)

Magellan Mortgages No. 3 PLC

Y A Portugal AA- (sf) AA (sf)

Magellan Mortgages No. 3 PLC

Y B Portugal AA- (sf) AA (sf)

Magellan Mortgages No. 3 PLC

Y C Portugal AA- (sf) AA- (sf)

Magellan Mortgages No. 3 PLC

Y D Portugal BBB (sf) A- (sf)

Magellan Mortgages No. 4 PLC

N A Portugal AA (sf) AA (sf)

Magellan Mortgages No. 4 PLC

Y B Portugal BBB (sf) A (sf)

Magellan Mortgages No. 4 PLC

Y C Portugal BBB- (sf) A- (sf)

Magellan Mortgages No. 4 PLC

Y D Portugal BB (sf) BBB (sf)

SAGRES STC - Pelican Mortgages No. 3

Y A Portugal A (sf) AA (sf)

SAGRES STC - Pelican Mortgages No. 3

Y B Portugal BB- (sf) BBB (sf)

SAGRES STC - Pelican Mortgages No. 3

Y C Portugal B (sf) BB (sf)

SAGRES STC - Pelican Mortgages No. 3

Y D Portugal B- (sf) B+ (sf)

Bankinter 8 Fondo de Titulizacion de Activos

N A Spain AAA (sf) AAA (sf)

Bankinter 8 Fondo de Titulizacion de Activos

Y B Spain AA (sf) AAA (sf)

Bankinter 8 Fondo de Titulizacion de Activos

Y C Spain A+ (sf) AA (sf)

AyT Genova Hipotecario IV Fondo de Titulizacion Hipotecaria

N A Spain AAA (sf) AAA (sf)

AyT Genova Hipotecario IV Fondo de Titulizacion Hipotecaria

Y B Spain AA (sf) AAA (sf)

Fondo de Titulizacion Hipotecaria UCI 10

Y A Spain AA- (sf) AA (sf)

Fondo de Titulizacion Hipotecaria UCI 10

Y B Spain B- (sf) B- (sf)

Hipocat 7, Fondo de Titulizacion de Activos

N A2 Spain AAA (sf) AAA (sf)

Hipocat 7, Fondo de Titulizacion de Activos

N B Spain AAA (sf) AAA (sf)

Hipocat 7, Fondo de Titulizacion de Activos

Y C Spain A+ (sf) AA+ (sf)

Hipocat 7, Fondo de Titulizacion de Activos

Y D Spain BB+ (sf) BBB+ (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 1

N A Spain AAA (sf) AAA (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 1

N B Spain AAA (sf) AAA (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 1

N C Spain AAA (sf) AAA (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 1

Y D Spain AA (sf) AA+ (sf)

IM PASTOR 2, Fondo de Titulizacion Hipotecaria

N A Spain AAA (sf) AAA (sf)

IM PASTOR 2, Fondo de Titulizacion Hipotecaria

N B Spain AAA (sf) AAA (sf)

IM PASTOR 2, Fondo de Titulizacion Hipotecaria

Y C Spain AA (sf) AA+ (sf)

IM PASTOR 2, Fondo de Titulizacion Hipotecaria

Y D Spain A (sf) A+ (sf)

Bancaja 7 Fondo de Titulizacion de Activos

N A2 Spain AAA (sf) AAA (sf)

Bancaja 7 Fondo de Titulizacion de Activos

Y B Spain AA- (sf) AA+ (sf)

Bancaja 7 Fondo de Titulizacion de Activos

Y C Spain BBB- (sf) A+ (sf)

Bancaja 7 Fondo de Titulizacion de Activos

Y D Spain B (sf) BB (sf)

Fondo de Titulizacion de Activos UCI 11

Y A Spain A+ (sf) AA+ (sf)

Fondo de Titulizacion de Activos UCI 11

Y B Spain BBB+ (sf) A (sf)

Fondo de Titulizacion de Activos UCI 11

Y C Spain BBB- (sf) BBB (sf)

Hipocat 8, Fondo de Titulizacion de Activos

N A2 Spain AAA (sf) AAA (sf)

Hipocat 8, Fondo de Titulizacion de Activos

N B Spain AAA (sf) AAA (sf)

Hipocat 8, Fondo de Titulizacion de Activos

Y C Spain A- (sf) AA (sf)

Hipocat 8, Fondo de Titulizacion de Activos

Y D Spain BB+ (sf) A- (sf)

TDA Cajamar 2, Fondo de Titulizacion de Activos

Y A3 Spain AA (sf) AAA (sf)

TDA Cajamar 2, Fondo de Titulizacion de Activos

Y B Spain AA- (sf) AA+ (sf)

TDA Cajamar 2, Fondo de Titulizacion de Activos

Y C Spain A+ (sf) AA (sf)

TDA Cajamar 2, Fondo de Titulizacion de Activos

Y D Spain BBB+ (sf) A (sf)

Fondo de Titulizacion Hipotecaria UCI 12

Y A Spain AA- (sf) AA (sf)

Fondo de Titulizacion Hipotecaria UCI 12

Y B Spain BBB- (sf) BBB- (sf)

Fondo de Titulizacion Hipotecaria UCI 12

Y C Spain B- (sf) B (sf)

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

N A2 Spain AAA (sf) AAA (sf)

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

Y B Spain AA+ (sf) AAA (sf)

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

Y C Spain A+ (sf) AAA (sf)

AyT Genova Hipotecario VI Fondo de Titulizacion Hipotecaria

Y D Spain BBB (sf) AA (sf)

IM PASTOR 3, Fondo de Titulizacion Hipotecaria

Y A Spain B- (sf) B- (sf)

IM PASTOR 3, Fondo de Titulizacion Hipotecaria

N B Spain CCC- (sf) CCC- (sf)

IM PASTOR 3, Fondo de Titulizacion Hipotecaria

N C Spain CCC- (sf) CCC- (sf)

IM PASTOR 3, Fondo de Titulizacion Hipotecaria

N D Spain D (sf) D (sf)

Bankinter 10, Fondo de Titulizacion de Activos

N A2 Spain AAA (sf) AAA (sf)

Bankinter 10, Fondo de Titulizacion de Activos

Y B Spain A+ (sf) AA (sf)

Bankinter 10, Fondo de Titulizacion de Activos

Y C Spain BBB+ (sf) A+ (sf)

Bankinter 10, Fondo de Titulizacion de Activos

Y D Spain B- (sf) B- (sf)

Bankinter 10, Fondo de Titulizacion de Activos

N E Spain CCC- (sf) CCC- (sf)

TDA Ibercaja 2 Fondo de Titulizacion de Activos

N A Spain AAA (sf) AAA (sf)

TDA Ibercaja 2 Fondo de Titulizacion de Activos

Y B Spain AA (sf) AA+ (sf)

TDA Ibercaja 2 Fondo de Titulizacion de Activos

Y C Spain A+ (sf) AA (sf)

TDA Ibercaja 2 Fondo de Titulizacion de Activos

Y D Spain A- (sf) A+ (sf)

Fondo de Titulizacion de Activos UCI 14

Y A Spain A (sf) AA (sf)

Fondo de Titulizacion de Activos UCI 14

Y B Spain BBB- (sf) BB (sf)

Fondo de Titulizacion de Activos UCI 14

Y C Spain B- (sf) B- (sf)

AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria

N A2 Spain AAA (sf) AAA (sf)

AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria

Y B Spain AA (sf) AAA (sf)

AyT Genova Hipotecario VII Fondo de Titulizacion Hipotecaria

Y C Spain A- (sf) AA- (sf)

Hipocat 9, Fondo de Titulizacion de Activos

Y A2a Spain AA (sf) AAA (sf)

Hipocat 9, Fondo de Titulizacion de Activos

Y A2b Spain AA (sf) AAA (sf)

Hipocat 9, Fondo de Titulizacion de Activos

Y B Spain A (sf) AA+ (sf)

Hipocat 9, Fondo de Titulizacion de Activos

N C Spain BB (sf) BBB+ (sf)

Hipocat 9, Fondo de Titulizacion de Activos

N D Spain CCC (sf) BB (sf)

Bankinter 11 Fondo de Titulizacion Hipotecaria

N A2 Spain AAA (sf) AAA (sf)

Bankinter 11 Fondo de Titulizacion Hipotecaria

N B Spain AAA (sf) AAA (sf)

Bankinter 11 Fondo de Titulizacion Hipotecaria

Y C Spain A+ (sf) AA (sf)

Bankinter 11 Fondo de Titulizacion Hipotecaria

Y D Spain B- (sf) B- (sf)

AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos

Y A Spain AA (sf) AAA (sf)

AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos

Y B Spain A (sf) AA (sf)

AyT Caja Murcia Hipotecario I, Fondo de Titulizacion de Activos

Y C Spain BB+ (sf) BBB+ (sf)

Fondo de Titulizacion de Activos UCI 15

Y A Spain A+ (sf) AA (sf)

Fondo de Titulizacion de Activos UCI 15

Y B Spain BBB (sf) BB (sf)

Fondo de Titulizacion de Activos UCI 15

Y C Spain B- (sf) B- (sf)

TDA Ibercaja 3 Fondo de Titulizacion de Activos

Y A Spain AA+ (sf) AAA (sf)

TDA Ibercaja 3 Fondo de Titulizacion de Activos

Y B Spain A- (sf) AA- (sf)

TDA Ibercaja 3 Fondo de Titulizacion de Activos

Y C Spain BBB+ (sf) A (sf)

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos

Y A Spain AA+ (sf) AAA (sf)

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos

Y B Spain A (sf) AA (sf)

AyT Kutxa Hipotecario I, Fondo de Titulizacion de Activos

Y C Spain BB+ (sf) BBB+ (sf)

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

N A2 Spain AAA (sf) AAA (sf)

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

Y B Spain AA (sf) AAA (sf)

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

Y C Spain A (sf) AA- (sf)

AyT Genova Hipotecario VIII Fondo de Titulizacion Hipotecaria

Y D Spain BB- (sf) BBB (sf)

IM PASTOR 4, Fondo de Titulizacion de Activos

Y A Spain B- (sf) B- (sf)

IM PASTOR 4, Fondo de Titulizacion de Activos

N B Spain CCC- (sf) CCC- (sf)

IM PASTOR 4, Fondo de Titulizacion de Activos

N C Spain CCC- (sf) CCC- (sf)

IM PASTOR 4, Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 2

Y A Spain AAA (sf) AAA (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 2

Y B Spain AA+ (sf) AAA (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 2

Y C Spain AA- (sf) AA+ (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 2

Y D Spain BBB- (sf) A (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 2

N E Spain B- (sf) B- (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 2

N F Spain D (sf) D (sf)

Hipocat 10, Fondo de Titulizacion de Activos

Y A2 Spain A+ (sf) AA+ (sf)

Hipocat 10, Fondo de Titulizacion de Activos

N B Spain D (sf) D (sf)

Hipocat 10, Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

Hipocat 10, Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos

N A Spain AAA (sf) AAA (sf)

AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos

Y B Spain A+ (sf) AA+ (sf)

AyT Hipotecario Mixto V, Fondo de Titulizacion de Activos

Y C Spain BBB- (sf) BBB+ (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

N A1 Spain AAA (sf) AAA (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

Y A2 Spain AA+ (sf) AAA (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

Y B Spain AA (sf) AA+ (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

Y C Spain A+ (sf) AA (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

Y D Spain BBB+ (sf) A+ (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

Y E Spain BBB (sf) A (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos

N F Spain D (sf) D (sf)

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

Y A Spain A- (sf) AA (sf)

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

Y B Spain BBB- (sf) A (sf)

CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos

Y C Spain B (sf) BB (sf)

Fondo de Titulizacion de Activos UCI 16

Y A2 Spain BBB+ (sf) A+ (sf)

Fondo de Titulizacion de Activos UCI 16

Y B Spain B (sf) BB- (sf)

Fondo de Titulizacion de Activos UCI 16

N C Spain CCC+ (sf) CCC+ (sf)

Fondo de Titulizacion de Activos UCI 16

N D Spain CCC (sf) CCC (sf)

Fondo de Titulizacion de Activos UCI 16

N E Spain D (sf) D (sf)

AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos

Y A Spain AA (sf) AAA (sf)

AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos

Y B Spain A (sf) AA (sf)

AyT Caja Murcia Hipotecario II Fondo de Titulizacion de Activos

Y C Spain BB+ (sf) BBB (sf)

MADRID RMBS I, Fondo de Titulizacion de Activos

Y A2 Spain AA- (sf) AA+ (sf)

MADRID RMBS I, Fondo de Titulizacion de Activos

Y B Spain A (sf) AA (sf)

MADRID RMBS I, Fondo de Titulizacion de Activos

Y C Spain BBB (sf) A (sf)

MADRID RMBS I, Fondo de Titulizacion de Activos

Y D Spain B- (sf) B+ (sf)

MADRID RMBS I, Fondo de Titulizacion de Activos

N E Spain CCC- (sf) CCC- (sf)

Bankinter 13, Fondo de Titulizacion de Activos

N A2 Spain AAA (sf) AAA (sf)

Bankinter 13, Fondo de Titulizacion de Activos

Y B Spain AA (sf) AAA (sf)

Bankinter 13, Fondo de Titulizacion de Activos

Y C Spain A- (sf) AA (sf)

Bankinter 13, Fondo de Titulizacion de Activos

Y D Spain BB (sf) BBB (sf)

Bankinter 13, Fondo de Titulizacion de Activos

N E Spain D (sf) D (sf)

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

N A2 Spain AAA (sf) AAA (sf)

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

Y B Spain A+ (sf) AAA (sf)

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

Y C Spain A (sf) AA (sf)

AyT Genova Hipotecario IX Fondo de Titulizacion Hipotecaria

Y D Spain BB (sf) BBB+ (sf)

MADRID RMBS II, Fondo de Titulizacion de Activos

N A2 Spain AAA (sf) AAA (sf)

MADRID RMBS II, Fondo de Titulizacion de Activos

Y A3 Spain AA (sf) AA+ (sf)

MADRID RMBS II, Fondo de Titulizacion de Activos

Y B Spain AA- (sf) AA (sf)

MADRID RMBS II, Fondo de Titulizacion de Activos

Y C Spain BBB (sf) A (sf)

MADRID RMBS II, Fondo de Titulizacion de Activos

Y D Spain B- (sf) B+ (sf)

MADRID RMBS II, Fondo de Titulizacion de Activos

N E Spain D (sf) D (sf)

AyT Kutxa Hipotecario II

N A Spain AAA (sf) AAA (sf)

AyT Kutxa Hipotecario II

Y B Spain A (sf) AA- (sf)

AyT Kutxa Hipotecario II

Y C Spain B- (sf) B+ (sf)

Hipocat 11, Fondo de Titulizacion de Activos

Y A2 Spain BBB+ (sf) A+ (sf)

Hipocat 11, Fondo de Titulizacion de Activos

N B Spain D (sf) D (sf)

Hipocat 11, Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

Hipocat 11, Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

BBVA RMBS 2, Fondo de Titulizacion de Activos

N A3 Spain AAA (sf) AAA (sf)

BBVA RMBS 2, Fondo de Titulizacion de Activos

Y A4 Spain AA+ (sf) AAA (sf)

BBVA RMBS 2, Fondo de Titulizacion de Activos

Y B Spain A+ (sf) AA (sf)

BBVA RMBS 2, Fondo de Titulizacion de Activos

Y C Spain BB+ (sf) BBB (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

Y A1 Spain BBB (sf) A+ (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

Y A2 Spain BBB (sf) A+ (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

Y A3 Spain BBB (sf) A+ (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

N B Spain CCC+ (sf) B- (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

N C Spain CCC- (sf) CCC- (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

N D Spain D (sf) D (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

N E Spain D (sf) D (sf)

Fondo de Titulizacion de Activos Santander Hipotecario 3

N F Spain D (sf) D (sf)

Fondo de Titulizacion de Activos UCI 17

Y A2 Spain BBB (sf) A- (sf)

Fondo de Titulizacion de Activos UCI 17

N B Spain CCC (sf) CCC+ (sf)

Fondo de Titulizacion de Activos UCI 17

N C Spain D (sf) D (sf)

Fondo de Titulizacion de Activos UCI 17

N D Spain D (sf) D (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos

Y A2 Spain AA- (sf) AA+ (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos

Y B Spain BBB+ (sf) A+ (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos

Y C Spain BBB (sf) A- (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos

Y D Spain BB+ (sf) BBB- (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos

N E Spain D (sf) D (sf)

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos

Y A2 Spain B+ (sf) B+ (sf)

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos

N B Spain D (sf) D (sf)

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos

N A Spain AA+ (sf) AA+ (sf)

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos

Y B Spain B+ (sf) BB+ (sf)

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

AyT CajaGranada Hipotecario I Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

TDA CAM 9, Fondo de Titulizacion de Activos

Y A1 Spain AA+ (sf) AA+ (sf)

TDA CAM 9, Fondo de Titulizacion de Activos

Y A2 Spain AA+ (sf) AA+ (sf)

TDA CAM 9, Fondo de Titulizacion de Activos

Y A3 Spain AA+ (sf) AA+ (sf)

TDA CAM 9, Fondo de Titulizacion de Activos

N B Spain D (sf) D (sf)

TDA CAM 9, Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

TDA CAM 9, Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria

N A2 Spain A- (sf) A- (sf)

AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria

N B Spain A- (sf) A- (sf)

AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria

N C Spain A- (sf) A- (sf)

AyT Genova Hipotecario X Fondo de Titulizacion Hipotecaria

Y D Spain BB (sf) BBB (sf)

MADRID RMBS III, Fondo de Titulizacion de Activos

Y A2 Spain AA (sf) AA+ (sf)

MADRID RMBS III, Fondo de Titulizacion de Activos

Y A3 Spain AA- (sf) AA (sf)

MADRID RMBS III, Fondo de Titulizacion de Activos

N B Spain D (sf) D (sf)

MADRID RMBS III, Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

MADRID RMBS III, Fondo de Titulizacion de Activos

N D Spain D (sf) D (sf)

MADRID RMBS III, Fondo de Titulizacion de Activos

N E Spain D (sf) D (sf)

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos

Y A Spain AA- (sf) AA+ (sf)

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos

Y B Spain A+ (sf) AA (sf)

CAIXA PENEDES 2 TDA, Fondo de Titulizacion de Activos

N C Spain BBB (sf) A+ (sf)

MADRID RMBS IV, Fondo de Titulizacion de Activos

Y E Spain B (sf) B+ (sf)

MADRID RMBS IV, Fondo de Titulizacion de Activos

Y D Spain B (sf) B+ (sf)

MADRID RMBS IV, Fondo de Titulizacion de Activos

Y C Spain BBB- (sf) BBB (sf)

MADRID RMBS IV, Fondo de Titulizacion de Activos

N B Spain A (sf) A (sf)

MADRID RMBS IV, Fondo de Titulizacion de Activos

N A2 Spain A (sf) A (sf)

BBVA RMBS 5, Fondo de Titulizacion de Activos

N A Spain A- (sf) A- (sf)

BBVA RMBS 5, Fondo de Titulizacion de Activos

N B Spain A- (sf) A- (sf)

BBVA RMBS 5, Fondo de Titulizacion de Activos

Y C Spain BBB (sf) A- (sf)

TDA Ibercaja 7, Fondo de Titulizacion de Activos

Y B Spain BB (sf) BBB (sf)

TDA Ibercaja 7, Fondo de Titulizacion de Activos

N C Spain D (sf) D (sf)

TDA Ibercaja 7, Fondo de Titulizacion de Activos

N A Spain AAA (sf) AAA (sf)

TDA Ibercaja 6, Fondo de Titulizacion de Activos

N A Spain AAA (sf) AAA (sf)

TDA Ibercaja 6, Fondo de Titulizacion de Activos

Y D Spain B+ (sf) BB- (sf)

TDA Ibercaja 6, Fondo de Titulizacion de Activos

Y B Spain AA- (sf) AA (sf)

TDA Ibercaja 6, Fondo de Titulizacion de Activos

Y C Spain A (sf) A+ (sf)

BBVA RMBS 10, Fondo de Titulizacion de Activos

Y B Spain BBB (sf) A- (sf)

BBVA RMBS 10, Fondo de Titulizacion de Activos

N A Spain A- (sf) A- (sf)

BBVA RMBS 11, Fondo de Titulizacion de Activos

Y C Spain BBB- (sf) BBB+ (sf)

BBVA RMBS 11, Fondo de Titulizacion de Activos

N B Spain A- (sf) A- (sf)

BBVA RMBS 11, Fondo de Titulizacion de Activos

N A Spain A- (sf) A- (sf)

BBVA RMBS 14, Fondo de Titulizacion de Activos

Y B Spain BB (sf) BBB (sf)

BBVA RMBS 14, Fondo de Titulizacion de Activos

N A Spain A (sf) A (sf)

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

N A Spain AAA (sf) AAA (sf)

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

Y B-Dfrd Spain A- (sf) A+ (sf)

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

Y C-Dfrd Spain BBB (sf) BBB+ (sf)

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

Y D-Dfrd Spain BB+ (sf) BB+ (sf)

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

Y E-Dfrd Spain B (sf) B- (sf)

This report does not constitute a rating action.

Primary Credit Analyst:Rocio Romero, Madrid + 34 91 389 6968;
rocio.romero@spglobal.com
Secondary Contact:Isabel Plaza, Madrid + 34 91 788 7203;
isabel.plaza@spglobal.com
Additional Contact:Structured Finance Europe;
StructuredFinanceEurope@spglobal.com

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