OVERVIEW Today's rating actions on Ibercaja's mortgage covered bonds follows our downgrade and CreditWatch negative update on the long-term counterparty credit rating on Ibercaja Banco (BBB+/Watch Neg/A-2) on Dec. 15, 2011. Our covered bond criteria establish a maximum potential uplift above the rating on the issuer of seven notches for a "low" ALMM classification, which is the case for Ibercaja's covered bonds. As Ibercaja's covered bond ratings now incorporate the maximum possible uplift under our covered bond criteria, any further rating action on Ibercaja would directly affect the ratings assigned to the mortgage covered bonds issued by the bank, all else being equal. MADRID (Standard & Poor's) Dec. 30, 2011--Standard & Poor's Ratings Services today placed on CreditWatch negative its...
Companies mentioned in this report are:
- Ibercaja Banco S.A.
Action: On CreditWatch:Negative
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Research type: News
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