London, 20 May 2013 -- Moody's has determined that the proposed action (the "Proposal") of Ahorro y Titulización S.G.F.T.; S.A ("AyT") to carry out the custody and servicing functions of AyT 7 Promociones Inmobiliarias I loans by Kutxabank S.A (Ba1/NP), will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the notes (the "Notes") issued by AyT 7 Promociones Inmobiliarias I FTA (the "Issuer"). Moody's opinion addresses only the credit impact of the Proposal, and Moody's is not expressing any opinion as to whether the Proposal has, or could have other, non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

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