Madrid, May 20, 2013 -- Moody's Investors Service has today downgraded the ratings of seven notes in three Spanish residential mortgage-backed securities (RMBS) transactions: Serie AyT C.G.H. Caja Granada I, Serie AyT C.G.H. Caixa Galicia I and Rural Hipotecario V FTA. At the same time, Moody's confirmed the ratings of two securities in the three deals. Insufficiency of credit enhancement to address sovereign risk have prompted today's downgrade actions. For Rural Hipotecario V also structural features, in particular the lack of interest rate hedging, has driven the downgrade of Class A1 rating from A3(sf) to Baa1(sf).

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