Research Update: Spain-Based Banco Popular Espanol Long-Term Rating Lowered To 'BBB+' On Bank Criteria Change; Still On Watch Negative Dec 11
- Language: English
- Published: December 2011
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MADRID (Standard & Poor's) Sept. 29, 2006-Standard & Poor's Ratings Services said today that it assigned its preliminary 'AAA' long-term credit rating to the issuance of up to -2 billion of "c-dulas hipotecarias" (CHs, Spanish mortgage-covered bonds) by Banco Popular Espa-ol, S.A. (Popular; AA/Negative/A-1+). This is the second CH to be issued by Popular, Spain's fifth-largest financial institution. The previous one is currently set to mature in approximately six years. The maturity of this new issue will be either seven or 10 years. Following Standard & Poor's criteria, concentrations and sizes of the CH payments, particularly bullet principal payments, are key elements of the rating. With only a six-year issuance currently outstanding, a seven-year issue would put more pressure on...
Companies mentioned in this report are: Banco Popular Espanol, S.A.
Action: Preliminary Rating