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-TABLE - Moody's cuts ratings on notes of Rural Hipotecario X FTA.

M2 EQUITYBITES-June 13, 2011--TABLE - Moody's cuts ratings on notes of Rural Hipotecario X FTA(C)2011 M2 COMMUNICATIONS

13 June 2011 - Moody's downgraded today the rating on all notes issued by Spanish securitisation fund Rural Hipotecario X.

All loans were granted by 21 Rural saving banks. Today's rating action reflects the worse-than-expected performance of the collateral, Moody's negative sector outlook for Spanish residential mortgage-backed securities (RMBS) and the worsening of the macro-economic conditions in Spain, a country with a high unemployment rate, Moody's said.

Rural Hipotecario X closed in June 2008. The transaction consists of the securitization of a pool of first mortgage originated by 21 Spanish rural saving banks. The securitized mortgage portfolio benefits from a relatively low weighted average LTV, currently about 59%. The pool is exposed to the Mediterranean coast and 6.86% of the portfolio is second homes.

A list of rating actions follows:

Notes Current rating Previous rating

EUR1,788.8m A Certificate Aa1 Aaa

EUR37.6m B Certificate A2 Aa3

EUR53.6m C Certificate Ba3 Baa3

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Publication:M2 EquityBites (EQB)
Date:Jun 13, 2011
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