London, 29 April 2013 -- Moody's Investors Service has today downgraded the ratings of eleven junior and six senior notes in four Spanish residential mortgage-backed securities (RMBS) transactions: Rural Hipotecario VII, FTA, Rural Hipotecario VIII, FTA, Rural Hipotecario IX, FTA, Rural Hipotecario XI, FTA. At the same time, Moody's confirmed the ratings of one senior security in Rural Hipotecario IX, FTA. Insufficiency of credit enhancement to address sovereign risk has prompted today's action.

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