Moody’s rates FADE notes Baa2 (sf)

Moody's Investors Service said it assigned a provisional Baa2 (sf) rating to Fondo de Titulizacion del Deficit del Sistema Electrico, FTA’s (FADE) €1.3 billion series 21 notes.

This issuance will constitute a new series.

The rating of the notes takes into account the specific nature and unique structure of this transaction, which differs substantially from other electricity tariff securitizations and is recognized by a Spanish government royal decree.

Moody's assigned the rating primarily based on: (a) an evaluation of the guarantee from the government of Spain, which guarantees the interest and principal payments on the notes; (b) the current rating of the Government of Spain (Baa2/(P)P-2); and (c) an evaluation of the structural features of the transaction.

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