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C?dulas Hipotecarias: Caja de Ahorros y Pensiones de Barcelona ("la Caixa") Jan 06
Standard & Poors, Jan 2006
Abstract
Standard & Poor's Ratings Services recently assigned its preliminary 'AAA' long-term debt rating to the two minimum--1.5 billion issues (benchmark size) of 'c-dulas hipotecarias' (CHs, Spanish mortgage-covered bonds) to be launched by Caja de Ahorros y Pensiones de Barcelona ('la Caixa', A+/Stable/A-1), Spain's third-largest financial institution. At the same time, Standard & Poor's assigned its 'AAA' long-term debt rating to all of the bank's outstanding CHs. (See our Jan. 5, 2006, Ratings Action News 'Spanish Bank 'la Caixa' C-dulas Hipotecarias (Spanish Covered Bonds) Rated 'AAA'' on RatingsDirect.) The CH ratings are linked to the long-term counterparty credit rating on 'la Caixa' and are enhanced above it by: The issues' high degree of overcollateralization, which we believe ensures full recovery; and...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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