ֳ

Rating Action Commentary

ֳ Assigns TDA 29, FTA, Notes Final Ratings

Fri 24 Aug, 2007 - 5:17 AM ET

ֳ-London/Madrid-24 August 2007: ֳ has assigned final ratings to TDA 29, Fondo de Titulizacion de Activos' notes totalling EUR 814.9m, due in February 2050, as follows:

EUR348.3m Class A1: 'AAA', Outlook Stable
EUR435m Class A2: 'AAA', Outlook Stable
EUR17.4m Class B: 'A', Outlook Stable
EUR9.3m Class C: 'BBB', Outlook Stable
EUR4.9m Class D: 'CCC', Outlook Stable

This transaction is a cash-flow securitisation of a EUR810m static pool of residential mortgage loans granted by Banco Guipuzcoano (rated 'A'/'F1'/Outlook Stable) and Banca March. This is the third securitisation of residential mortgage loans originated by the sellers and the second transaction rated by ֳ (see New Issue entitled "TDA 26-Mixto, Fondo de Titulizacion de Activos" dated 26 September 2006 and available at ).

The ratings are based on the quality of the collateral, the underwriting and servicing of the mortgage loans, available credit enhancement ("CE"), the integrity of the transaction's legal and financial structure, and Titulizacion de Activos, S.G.F.T., S.A.'s administrative capabilities. Initial CE for the Class A to C notes is provided by subordination and a reserve fund, which has been funded at closing using a subordinated loan.

The ratings address the payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Class B and C notes, as well as the repayment of principal at legal final maturity. Should the deferral trigger on the Class B and C notes be breached, interest on these notes will be deferred in the priority of payments. In this instance, interest payments might not be received for a period of time, but will be received by legal final maturity.

The fund is regulated by Spanish Securitisation Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to transform a portfolio of residential mortgage loans composed by mortgage participations and certificates into fixed-income securities. The fund is legally represented and managed by Titulizacion de Activos, S.G.F.T., S.A., a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitisation funds.

A copy of the New Issue report is available on the agency's website, .

Contact: Natalia Bourin, Paris, Tel: +33 144 299176; Carlos Masip, Madrid, +34 91 702 57 73.

Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298.

ֳ's rating definitions and the terms of use of such ratings are available on the agency's public site, . Published ratings, criteria and methodologies are available from this site, at all times. ֳ's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

Solicitation Status

The ratings above were solicited and assigned or maintained at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

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