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

  • ID: 2036124
  • December 2011
  • Region: Spain
  • Standard & Poors
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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 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.

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- Ibercaja Banco S.A.

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