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Preliminary Rating Assigned In Banco Popular Espa?ol's Second CH Issuance Product Image

Preliminary Rating Assigned In Banco Popular Espa?ol's Second CH Issuance

  • ID: 1713057
  • September 2006
  • Standard & Poors

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) 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

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