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Ratings On Banca Civica's Spanish Mortgage Covered Bonds Placed On CreditWatch Negative Following Rating Action On Bank Feb 12 Product Image

Ratings On Banca Civica's Spanish Mortgage Covered Bonds Placed On CreditWatch Negative Following Rating Action On Bank Feb 12

  • ID: 2051527
  • February 2012
  • Region: Spain
  • Standard & Poors

Abstract
OVERVIEW On Jan. 31, 2012, we placed on CreditWatch negative our long- and short-term counterparty credit ratings on Banca C-vica. Under our rating approach, Banca C-vica's mortgage covered bond ratings now benefit from the maximum elevation possible above our long-term rating on the issuer. Therefore, any further rating action on the issuer would directly affect the ratings on these covered bonds, all else being equal. We have subsequently placed on CreditWatch negative our long-term ratings on Banca C-vica's mortgage covered bonds. We aim to resolve the CreditWatch placement of the ratings on these covered bonds after we have resolved the CreditWatch placement of our ratings on Banca C-vica. MADRID (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services today...

Companies mentioned in this report are: Banca Civica 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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