Moody's Investors Service has recently rated a deal out of Spain that is likely to serve as an archetype for similar structures in other mortgage bond and pfandbriefe markets.

The EURO2.048 billion fixed-rate bonds were issued by AyT Cedulas Cajas Fondo de Titulizacion de Activos and received a (P)Aaa rating from Moody's. Ahorro Y Titulizacion structured the transaction and is backed by the shareholders of the Spanish Confederation of Savings and Loans institutions (CECA) and Ahorro Corporacion Financiera SVB.

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