(The following statement was released by the rating agency)
Oct 04 - OVERVIEW
-- The class B notes defaulted on their interest payment on the Sept. 22, 2012 payment date.
-- We have therefore lowered our rating on TDA 24's class B notes from 'CCC- (sf)' to 'D (sf)'.
-- The other rated notes in this transaction remain unaffected by today's rating action.
-- TDA 24 is an RMBS transaction that securitizes a portfolio of Spanish residential mortgage loans originated by Caja de Ahorros de Castilla La Mancha , Credifimo, and Bankpyme.
Standard & Poor's Ratings Services today lowered to 'D (sf)' from 'CCC- (sf)' its credit rating on TDA 24, Fondo de Titulizacion de Activos' class B notes. The ratings on all other classes of notes in this transaction are unaffected (see list below).
Today's rating action follows an interest payment default on the September 2012 payment date.
In September 2009, TDA 24 completely depleted its cash reserve as a result of the rapid growth of defaulted loans (defined in this transaction as loans in arrears for more than 12 months). The issuer has not replenished the reserve fund since then.