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Published on 4/23/2007 in the Prospect News Emerging Markets Daily.

Fitch gives Banco Santander issue AAA

Fitch Ratings said it assigned Banco Santander Central Hispano's forthcoming 15th issuance of Cedulas Hipotecarias an expected AAA rating. The issuance will have a maximum volume of €3 billion, in one or two tranches. The final rating is contingent on the receipt of final documents.

The rating is based on Santander's issuer default AA rating, the credit quality of the collateral pool, available over-collateralization and the seniority of the holders' claims in the event of issuer insolvency, Fitch said.


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