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TEXT-S&P puts Golden Bar (Sec) series 2009 class A rtg on watch neg

(The following statement was released by the rating agency)

Oct 04 - OVERVIEW

-- Following our downgrade to 'A-/A-2' from 'A+/A-1' of Banco Santander--the swap provider in Golden Bar (Securitisation)'s series 2009--the documented remedy periods have expired, and no remedy action has been taken.

-- Under our 2012 counterparty criteria, Banco Santander is now not adequately rated as a "derivative" counterparty to support our 'AA+ (sf)' rating on the class A notes, and we have therefore placed on CreditWatch negative our rating on this class of notes.

-- Golden Bar (Securitisation)'s series 2009 is a consumer loan ABS transaction backed by a portfolio of consumer loan contracts originated by Santander Consumer Bank.

Standard & Poor's Ratings Services today placed on CreditWatch negative its 'AA+ (sf)' credit rating on Golden Bar (Securitisation) S.r.l.'s series 2009 class A notes.

Today's CreditWatch negative placement follows our April 30, 2012 downgrade to A-/Negative/A-2 from A+/Negative/A-1 of Banco Santander S.A. (A-/Negative/A-2), which acts as the swap provider in this transaction (see "Negative Rating Actions On 16 Spanish Banks Following Sovereign Downgrade," published on April 30, 2012).

In assessing the effect on the transaction of this downgrade, we have applied our 2012 counterparty criteria (see "Counterparty Risk Framework Methodology And Assumptions," published on May 31, 2012).

Under these criteria, our long-term issuer credit rating (ICR) on Banco Santander as a "derivative" counterparty can no longer support our 'AA+ (sf)' rating on the class A notes. The remedy period outlined in the transaction documents has expired, and no remedy action has been taken. Therefore, we have placed on CreditWatch negative our rating on the class A notes. The class B notes are unaffected because we rate them lower than our long-term ICR on Banco Santander.

Golden Bar (Securitisation)'s series 2009 is a consumer loan asset-backed securities (ABS) transaction backed by a portfolio of consumer loan contracts originated by Santander Consumer Bank SpA.

RELATED CRITERIA AND RESEARCH -- Counterparty Risk Framework Methodology And Assumptions, May 31, 2012

-- Ratings Placed On CreditWatch Negative In One Italian RMBS Transaction And Three Italian ABS Transactions, March 30, 2012

-- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012

-- S&P Resolves 207 European RMBS Counterparty-Related CreditWatch Negative Placements, Feb. 21, 2012

-- Mainly Negative Rating Actions Taken On 37 Italian Financial Institutions On Sovereign Downgrade And BICRA Change, Feb. 10, 2012

-- Research Update: Banco Popolare Societa Cooperativa, Core Subsidiaries Downgraded To 'BBB-/A-3' After Sovereign Action; Outlook Negative, Feb. 10, 2012

-- Ratings On 305 Tranches In 120 European RMBS Transactions Placed On CreditWatch Negative After Bank Rating Actions, Dec. 21, 2011

-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011

-- Principles Of Credit Ratings, Feb. 16, 2011 -- Use Of CreditWatch And Outlooks, Sept. 14, 2009

-- European Legal Criteria For Structured Finance Transactions, Aug. 28, 2008

-- European Consumer Finance Criteria, March 10, 2000

((Bangalore Ratings Team, Hotline: +91 80 4135 5898, Bhanu.priya@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Bhanu.Priya.reuters.com@reuters.net))