Moody's downgrades senior ratings and upgrades junior rating of notes issued in Spanish Banco CAM SME ABS transaction following internal review

Frankfurt am Main, May 03, 2013 -- Moody's Investors Service has today downgraded the ratings of the senior notes to Baa1(sf) from A3(sf) and upgraded the rating of the junior notes to Caa2(sf) from Caa3(sf), which were issued by FTPYME TDA CAM 7, FTA (CAM 7). CAM 7 is a Spanish asset-backed securities transaction backed by loans to small and medium-sized enterprises (SME ABS) originated by Banco CAM (rated Baa3). The rating action follows an internal review after correction to an error with respect to the Coefficient of Variation (CoV) of the loss distribution. Considering the corrected CoV level, insufficient credit enhancement to address sovereign risk and exposure to counterparty risk has prompted today's action. At the same time, the rating agency affirmed the class B notes at B1(sf). See towards the end of the ratings rationale section of this press release for a detailed list of affected ratings.

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