New Issue: Banco Espírito Santo, S.A. (BES) Covered Bond Programme Jan 08
Standard & Poors, January 2008
Abstract
Standard & Poor's Ratings Services has assigned a 'AAA' credit rating to the ?1.25 billion mortgage covered bonds series 1 ("obrigações hipotecárias;" OHs) issued by Banco Espírito Santo, S.A. (BES). Since Standard & Poor's assigned preliminary ratings, no material structural changes have been made to this transaction. This is the first issuance under the ?10 billion global covered bond program set up by BES and the third covered bond program set up in Portugal under the new legal framework for this instrument. It is backed by a Portuguese portfolio of loans, owned by BES, secured by first-ranking (or second-ranking but with prior ranking originated by BES and included in the pool), nonsubsidized, fully amortizing loans on residential properties in Portugal....
Companies mentioned in this report are:
- Banco Espirito Santo S.A.
Action: New Rating
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: Full Analysis
- Banco Espirito Santo S.A.
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