(The following statement was released by the rating agency)

Feb 19 - Fitch Ratings has downgraded Semper Finance 2006-1 Ltd.'s senior swap and class A to C notes and Semper Finance 2007-1 GmbH's class A1+, A2 and B notes. A full list of rating actions is at the end of this release.

The rating actions reflect the downgrade on the note collateral, Lettres de Gage Publiques (LdGP) to 'A'/Stable from 'A+'/Stable following the implementation of the agency's updated Covered Bonds Rating Criteria (see 'Fitch Downgrades Hypothekenbank Frankfurt International S.A.'s Covered Bonds to 'A/Stable'', published on 18 February 2013 at www.fitchratings.com). The LdGP are issued by Hypothekenbank Frankfurt International S.A. ('A-'/Stable/'F1'; formerly Eurohypo).

Following their downgrade, the LdGP no longer meet the requirements in Fitch's counterparty criteria for note collateral and do not support ratings on the notes above the collateral rating. Whilst an exchange of the note collateral was possible under the transaction documents, no action was taken by the servicer.

The rating actions are as follows:

Semper Finance 2006-1 Ltd.:

EUR74.0m Senior Swap downgraded to 'Asf' from 'A+sf'; Outlook Stable

EUR0.03m Class A+ (XS0274873941) downgraded to 'Asf' from 'A+sf'; Outlook Stable

EUR138m Class A (XS0274874246) downgraded to 'Asf' from 'A+sf'; Outlook Stable

EUR111.5m Class B (XS0274874592) downgraded to 'Asf' from 'A+sf'; Outlook Stable

EUR92.5m Class C (XS0274874832) downgraded to 'Asf' from 'A+sf'; Outlook Stable

Semper Finance 2007-1 GmbH:

EUR0.07m A1+ (XS0305670647) downgraded to 'Asf' from 'A+sf'; Outlook Stable

EUR10.0m Class A2 (XS0305670993) downgraded to 'Asf' from 'A+sf'; Outlook Stable

EUR51.8m Class B (XS0305671298) downgraded to 'Asf' from 'A+sf'; Outlook Stable

(Bangalore Ratings Team, Hotline: +91 80 4135 5898, Bhanu.priya@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: Bhanu.Priya.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2013. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.