TEXT - Fitch rates Santander Consumer 07-1, 09-1 and 10-1

(The following statement was released by the rating agency)
Feb 6 - Fitch Ratings has upgraded Santander Consumer Spain
Auto 07-1 FTA (07-1), Santander Consumer 09-1 FTA (09-1) and Santander Consumer
10-1 FTA's (10-1) ratings. A full list of rating actions is at the end of this
comment.

The upgrade of 07-1 and 10-1's class B and C notes reflects both an improvement
in the performance of the underlying pools and an increase in the available
credit support. Fitch believes both transactions will continue to benefit from
deleveraging, resulting in further increases in available credit enhancement in
future periods.

Arrears have displayed stable trends for both transactions over the past two
years. As of the most recent interest payment date (IPD), 30 days-past-due
delinquencies stood at 8.2% and 2.9% for 07-1 and 10-1 respectively, with
delinquencies for 07-1 recording a 3.2% decline from their peak in June 2009. As
a result, excess spread trends have remained healthy and Fitch expects the
reserve fund to continue to increase for 07-1. The reserve for 10-1 has remained
fully funded since closing.

Santander Consumer Spain 09-1 displayed less positive trends on the most recent
IPD with delinquencies beginning to increase and the reserve fund being drawn
for the first time since closing. The upgrade of the class B notes reflects the
significant deleveraging which has occurred since closing. However, the recent
reserve fund draw may have an impact on the future performance of the lower
tranches and will need to be monitored.

The ratings of the senior tranches for each deal are capped by a five-notch
uplift from Spain's sovereign rating ('BBB'/Negative/'F2'), despite the positive
performance trends of the underlying pools and the considerable credit
enhancement.

The rating actions are as follows:

Santander Consumer Spain Auto 07-1, FTA:

EUR77.1m class A: affirmed at 'AA-sf'; Outlook Negative
EUR78m class B: upgraded to 'Asf' from 'BBB+sf'; Outlook Stable
EUR20m class C: upgraded to 'BBBsf' from 'BBsf'; Outlook Stable
EUR40m class D: affirmed at 'CCsf'; Recovery Estimate revised from 50% to 80%.

Santander Consumer Spain 09-1, FTA:
EUR73.6m class A: affirmed at 'AA-sf'; Outlook Negative
EUR99.4m class B : upgraded to 'A+sf' from 'Asf' ; Outlook Stable
EUR37.8m class C: affirmed at 'BBBsf'; Outlook Stable
EUR35.7m class D: affirmed at 'CCCsf'; Recovery Estimate 70%.

Santander Consumer Spain 10-1, FTA:
EUR162.6m class A: affirmed at 'AA-sf'; Outlook Negative
EUR57.0m class B : upgraded to 'AA-sf' from 'A+sf'; Outlook Negative
EUR49.5m class C: upgraded to 'Asf' from 'BBB+sf'; Outlook Stable

(Caryn Trokie, New York Ratings Unit)