November 14, 2012 / 4:56 PM / 5 years ago

TEXT-Fitch affirms FTPYME Bancaja, 2, FTA

Nov 14 - Fitch Ratings has affirmed FTPYME Bancaja, 2, FTA and removed all
tranches from Rating Watch Negative (RWN) as follows:

FTPYME Bancaja 2, FTA
Class A3 (ES0339751028): affirmed at 'AA-sf', off RWN, Outlook Negative
Class B (ES0339751036): affirmed at 'Asf', off RWN, Outlook Negative

The affirmations and removal from RWN result from the implementation of remedial
actions taken by respective counterparties following their downgrades. In
particular, Barclays Bank Plc ('A'/Stable/'F1') is now the account bank and also
holds collateral posted under the swap agreement.

Fitch has assigned a Negative Outlook to classes with ratings of 'AA-sf' which
are subject to the rating cap on Spanish structured finance of 'AA-sf' and due
to the Negative Outlook on Spain ('BBB'/Negative/'F2'). Fitch has also assigned
a Negative Outlook to the class B notes due to concerns about obligor
concentration and the delinquency pipeline.

As the servicer, Bankia S.A., is currently rated 'BBB', Fitch considers the risk
of payment interruption due to a servicer default as sufficiently remote to
support the current ratings.

Additional information is available on The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Sources of information: investor reports and trustee

Applicable criteria 'Criteria for Rating Granular Corporate Balance-Sheet
Securitisations - SME CLO', dated 1 June 2012; 'Global Rating Criteria for
Corporate CDOs', dated 8 August 2012; 'Global Criteria for Cash Flow Analysis in
CDOs' dated 13 September 2012; and 'Counterparty Criteria for Structured Finance
Transactions', dated 30 May 2012 , are available at

Applicable Criteria and Related Research:
Criteria for Rating Granular Corporate Balance-Sheet Securitisations - SME CLO
Global Rating Criteria for Corporate CDOs
Global Criteria for Cash Flow Analysis in CDOs
Counterparty Criteria for Structured Finance Transactions
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