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Bulletin: Rating Unaffected In Spanish Structured Covered Bond Deal IM C?dulas 1 Grupo Banco Popular, FTA
Standard & Poors, June 2009
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
MADRID (Standard & Poor's) June 5, 2009--Standard & Poor's Ratings Services said today that the 'AAA' rating on the -2 billion fixed-rate notes issued by IM C-dulas 1 Grupo Banco Popular, Fondo de Titulizaci-n de Activos remains unaffected, following our downgrade of Banco Popular Espa-ol, S.A. to A+/Negative/A-1 from AA-/Negative/A-1+ on March 4, 2009. Banco Popular is a supporting party to this structured covered bond transaction in its role as liquidity line provider. We assigned the current rating on this Spanish transaction based on the underlying documentation that provided for certain remedy actions if Banco Popular's short-term rating was lowered below 'A-1+'. According to current criteria (see 'Related Research'), an 'A-1' rated direct support counterparty is eligible as a liquidity...
Companies mentioned in this report are: IM Cedulas 1 Grupo Banco Popular, Fondo de Titulizacion de Activos,Banco Popular Espanol, S.A.
Action: Bulletin
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