Alhambra SME Funding 2019-1 DAC Class A

EthiFinance Ratings ('the Agency') has performed rating actions for Alhambra SME Funding 2019-1 DAC as follows: downgrade the rating of the Class A Notes at AAA (sf) to AA+ (sf) , downgrade the rating of the Class B Notes from AA (sf) to A+ (sf) and downgrade the rating of the Class C Notes from B- (sf) to CC (sf) . The Agency did not assign ratings to the Classes D, E, Z1 and Z2 Notes. Alhambra SME Funding 2019-1 DAC (the Issuer or the Fund ), is a securitization transaction collateralized by a static portfolio of the primarily unsecured loans granted to Spanish SME and mid-cap corporates. The loans were originated by Be Spoke Capital (Ireland) Limited (BCI). Previously, the loans were warehoused by Be-Spoke Loan Funding DAC (the Seller ) which in November 2019 assigned the loans to the Issuer. At the issue date, the portfolio consisted of 52 loans (and 48 borrowers), with outstanding loans of EUR 274.98 million . In the last monthly report as of 20 September 2022, the portfolio has 45 loans (and 41 borrowers) with an outstanding of EUR 208.05 million , including a total defaulted balance of EUR 101.97 million.