Ahorro Corporacion Financiera S.V., S.A. -- Moody's downgrades Ahorro Corporacion Financiera to B3 from Ba3; outlook negative

Madrid, April 23, 2013 -- Moody's Investors Service has today downgraded by three notches to B3 from Ba3 the issuer rating of Ahorro Corporacion Financiera, S.V., S.A. (ACF). The downgrade reflects the negative pressure on ACF's revenue-generation capacity -- which has already been severely impaired since the economic crisis started -- stemming from the adverse operating environment, limited geographical diversification and intensifying competition from large capital market firms. This pressure is exacerbated by the ongoing change (including the restructuring and consolidation) among the majority of ACF's owners from the Spanish savings bank sector, which has reduced their importance as customers and potential support providers. The rating outlook is negative.

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