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Ratings On Ibercaja's Spanish Mortgage Covered Bonds Placed On CreditWatch Negative Following Rating Action On Bank Dec 11 Product Image

Ratings On Ibercaja's Spanish Mortgage Covered Bonds Placed On CreditWatch Negative Following Rating Action On Bank Dec 11

  • Published: December 2011
  • Region: Spain
  • Standard & Poors

Abstract
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

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 READ MORE >

- Ibercaja Banco S.A.

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