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Ratings Lowered On Banco Santander Totta?s Mortgage Covered Bonds Following Downgrade Of Issuer Mar 12 Product Image

Ratings Lowered On Banco Santander Totta?s Mortgage Covered Bonds Following Downgrade Of Issuer Mar 12

  • ID: 2085295
  • March 2012
  • Standard & Poors

Abstract
OVERVIEW On Feb. 14, 2012, we lowered to 'BB' from 'BBB-' and removed from CreditWatch negative our long-term counterparty rating on Banco Santander Totta. The outlook is negative. Following this action and the application of our criteria for rating covered bonds, we have today lowered and removed from CreditWatch negative our ratings on Banco Santander Totta's mortgage covered bond program and related series. We have also assigned a negative outlook to our ratings on these mortgage covered bonds, to reflect the negative outlook for the rating on the issuer. Our ratings are based on our criteria for rating covered bonds. However, certain aspects of the methodologies and assumptions underlying these criteria are under review. The ratings on all outstanding covered...

Companies mentioned in this report are:
- Banco Santander Totta S.A.

Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

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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- Banco Santander Totta S.A.

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Note: Product cover images may vary from those shown

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