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���������ֳ� - London - 27 Jul 2021: This commentary replaces the version published on 26 July 2021 to include Miravet S.a.r.l and Caixa Pendes 1 TDA, FTA, which were omitted from the original rating action commentary.

���������ֳ� has placed 115 UK and European RMBS ratings on Rating Watch Positive (RWP) and maintained six tranches on RWP, following the retirement of its coronavirus-related additional stress scenario analysis on 22 July 2021. A full list of rating actions is below.

KEY RATING DRIVERS

Retirement of Coronavirus-related Additional Stress Analysis

The RMBS tranches placed or maintained on RWP could be upgraded following the retirement of coronavirus-related additional stress analysis scenario (see '���������ֳ� Retires UK and European RMBS Coronavirus Additional Stress Scenario Analysis, except for UK Non-Conforming' at ). ���������ֳ� expects to resolve the RWP by 23 January 2022.

The main reason for the retirement of the additional stresses is improved macroeconomic forecasts, the limited to no performance deterioration observed so far, and our expectation that the stress included in our representative pool foreclosure frequency and house price decline assumptions is sufficient to account for the remaining uncertainty related to the pandemic.

Out of the 121 tranches on RWP, 63 are from UK transactions, 53 from Spanish deals, four from Portuguese deals and one tranche is from a German transaction.

RATING SENSITIVITIES

Rating sensitivities as disclosed in the latest rating action commentaries on each transaction continue to apply and are available at .

VARIATIONS

Where relevant, criteria variations as disclosed in the latest rating action commentaries on each transaction continue to apply and are available at .

Best/Worst Case Rating Scenario

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit /site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, ���������ֳ� in relation to this rating action.

DATA ADEQUACY

ALBA 2006-2 plc, ALBA 2007-1 plc, Atlantes Mortgage No.2, AyT Caja Granada Hipotecario 1, FTA, AyT Caja Murcia Hipotecario I, FTA, AyT Caja Murcia Hipotecario II, FTA, AyT Colaterales Global Hipotecario, FTA Serie BBK I, AyT Colaterales Global Hipotecario, FTA Serie Caja Cantabria I, AyT Colaterales Global Hipotecario, FTA Serie CCM I, AyT Colaterales Global Hipotecario, FTA Serie Vital I, AyT Hipotecario BBK II, FTA, AyT Kutxa Hipotecario I, FTA, AyT Kutxa Hipotecario II, FTA, BBVA RMBS 1, FTA, BBVA RMBS 2, FTA, BBVA RMBS 3, FTA, Caixa Penedes 1 TDA, FTA, Canterbury Finance No. 4 PLC, Canterbury Finance No.1 PLC, Canterbury Finance No.2 PLC, Canterbury Finance No.3 PLC, Clavis Securities plc Series 2007-01, Eurohome UK Mortgages 2007-1 plc, Eurohome UK Mortgages 2007-2 plc, Eurosail 2006-1 Plc, Eurosail-UK 2007-6 NC Plc, Finsbury Square 2021-1 Green plc, FTA, Santander Hipotecario 3, FTA, UCI 14, FTA, UCI 15, FTA, UCI 16, Hipocat 7, FTA, Hipocat 8, FTA, Hipocat 9, FTA, IM BCC CAJAMAR 2, FT, IM Caja Laboral 2, FTA, IM Cajamar 6, FTA, Landmark Mortgage Securities No.3 Plc, Lusitano Mortgages No.6 Limited, Madrid RMBS II, FTA, Madrid RMBS III, FTA, Mansard Mortgages 2006-1 PLC, Mansard Mortgages 2007-1 PLC, Mansard Mortgages 2007-2 PLC, MBS Bancaja 3, FTA, MBS Bancaja 4, FTA, Miravet S.A. R.L., Mortimer BTL 2019-1 plc, Oat Hill No.2, Paragon Mortgages (No. 27) plc, Residential Mortgage Securities 23 Plc (RMS 23), ResLoC UK 2007-1 plc, RMBS Green Belem No.1, Rochester Financing No.3, Rural Hipotecario IX, FTA, Rural Hipotecario VIII, FTA, Stratton Mortgage Funding 2020-1 PLC, Syon Securities 2019 DAC, TDA 29, FTA, TDA CAM 5, FTA, TDA CAM 6, FTA, TDA CAM 7, FTA, Towd Point Mortgage Funding - Auburn 13, Towd Point Mortgage Funding 2019 - Granite 4 plc, Towd Point Mortgage Funding 2020 - Auburn 14 plc, Trinity Square 2021-1, Twin Bridges 2018-1, Twin Bridges 2019-1 PLC, Twin Bridges 2019-2, Uropa Securities plc Series 2007-01B, Valencia Hipotecario 3, FTA, Wendelstein 2017-1 UG (haftungsbeschraenkt)

���������ֳ� has not conducted any checks on the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. ���������ֳ� has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Additional information is available on

ADDITIONAL DISCLOSURES

• Solicitation Status
• Endorsement Policy

ENDORSEMENT STATUS