Ratings On Banco Popular's Mortgage Covered Bonds Placed On CreditWatch Negative

Standard & Poors, July 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
OVERVIEW The downgrade of Banco Popular has triggered our CreditWatch negative placement of its c-dulas hipotecarias (mortgage covered bonds). As of July 10, Banco Popular has issued 12 CHs with an outstanding balance -12.238 billion. MADRID (Standard & Poor's) July 10, 2009-Standard & Poor's Ratings Services today placed on CreditWatch negative its 'AAA' credit ratings on all issuances of c-dulas hipotecarias (CHs; mortgage covered bonds) by Spanish bank Banco Popular Espa-ol, S.A. (Banco Popular). This CreditWatch placement follows today's lowering of our long-term counterparty credit rating on Banco Popular to A/Negative/A-1 from A+/Negative/A-1 (see "Related Research" below). Under our current rating methodology for Spanish CHs, the issuer's counterparty credit rating--together with other features such as the overcollateralization level and the...

Companies mentioned in this report are: Banco Popular Espanol, S.A.
Action: On CreditWatch:Negative

Banco Popular Espanol, S.A.

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