Climbing unemployment in Spain has had a negative impact on the collateral performance of consumer loan ABS, said Moody's Investors Service in its Annual European Consumer Loan ABS Sector Review.

"To date, the large majority of consumer loan ABS downgrades have occurred in the Spanish market where unemployment is expected to rise to an average of 18.4% in 2009 and 20.7% in 2010, from an average of 11.4% in 2008," said Cher Chua, a Moody's assistant vice president.

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