Oct 1 - Fitch Ratings has downgraded Santander Publico 1, F.T.A.'s notes as
Class A (ISIN ES0338185004): downgraded to 'BBsf' from 'BBBsf'; Outlook Negative
Class B (ISIN ES0338185012): downgraded to 'Bsf' from 'BBBsf'; Outlook Negative
The downgrade reflects the increasing risk stemming from the portfolio comprised
of debt issued by the Spanish public sector entities. Loans in arrears by more
than 180 days have increased to 1.1% from 0.1% in October 2011. The Negative
Outlook on both classes also highlights the increased risk on public sector
entities in the current stressed economic environment.
The transaction is capped to Spain's sovereign rating of 'BBB'/Negative/'F2'
because the credit quality of public sector borrowers is highly correlated with
the sovereign.Additional information is available on www.fitchratings.com
The ratings above were solicited by, or on behalf of, the issuer, and therefore,
Fitch has been compensated for the provision of the ratings.
The sources of information used to assess these ratings were investor reports
and communication with Santander de Titulizacion, S.G.F.T., S.A.
Applicable criteria, "Global Structured Finance Rating Criteria", dated 06 June
2012, "Global Rating Criteria for Corporate CDOs", dated 08 August 2012 and
"Counterparty Criteria for Structured Finance Transactions", dated 30 May 2012
are available at www.fitchratings.com.
Applicable Criteria and