Preliminary Ratings Assigned To Banco Espírito Santo's Second Portuguese Covered Bond Issuance Jul 08
Standard & Poors, July 2008
Abstract
MADRID (Standard & Poor's) July 10, 2008?Standard & Poor's Ratings Services said today that it has assigned its 'AAA' preliminary credit rating to the up to ?1.25 billion mortgage covered bonds ("Obrigações Hipotecárias;" OHs) series 2 to be issued by Banco Espírito Santo, S.A. (BES). This will be the second 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. This issuance will be 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: Preliminary 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: 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.
- Banco Espirito Santo S.A.
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