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Ratings Affirmed On La Caixa's Spanish Mortgage Covered Bonds And Transferred To CaixaBank Jul 11 Product Image

Ratings Affirmed On La Caixa's Spanish Mortgage Covered Bonds And Transferred To CaixaBank Jul 11

  • ID: 2059605
  • July 2011
  • Region: Spain
  • Standard & Poors

Abstract
OVERVIEW On June 30, 2011, la Caixa savings bank legally completed the transfer of all its banking assets and most of its liabilities to its subsidiary CaixaBank S.A. On July 1, we assigned 'A+/A-1' long- and short-term counterparty credit ratings to CaixaBank, the new main operating entity resulting from the reorganization of the la Caixa group. We have affirmed our 'AAA' ratings on the mortgage covered bonds originally issued by la Caixa, all of which have now been transferred from la Caixa to CaixaBank. The outlook is stable. FRANKFURT (Standard & Poor's) July 1, 2011--Standard & Poor's Ratings Services today affirmed its 'AAA' credit ratings on Caja de Ahorros y Pensiones de Barcelona's (la Caixa) Spanish mortgage covered bonds ("cédulas...

Companies mentioned in this report are:
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- CaixaBank S.A.

Action: Affirmed

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.

- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- CaixaBank S.A.

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