Moody's Investors Service's index of cumulative defaults for Spanish residential mortgage-backed securities rose to 1.98% of the original balance in June compared to 1.89% in March.
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Comment on how this compares to or might affect the U.S. market was not immediately available at press time.
The rating agency also said the 90-plus-day delinquency trend increased slightly to 0.99% of the current balance in June, up from 0.96% in March but below the April 2009 peak of 2.39%.
Moody's said its outlook for Spanish RMBS collateral remains negative due to economic concerns and significant pressure on the country's government to tighten its budgetary position.
