Axesor Rating ( Axesor ) has affirmed the rating of the Class A notes at AAA (sf), the rating of the Class B notes at AA (sf) and downgraded the rating of the Class C notes to B- (sf) from B+ (sf) . Axesor did not assign ratings to the Classes D, E, Z1 and Z2 notes. Alhambra SME Funding 2019-1 DAC is a securitization transaction collateralized by a static portfolio of 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.