Various Rating Actions On Four Spanish Mortgage Covered Bond Programs After Rating Actions On Issuing Banks Jun 12

Standard & Poors, June 2012

Abstract
OVERVIEW On May 25, 2012, we took rating actions on several Spanish banks following our review on the Spanish banking sector. Four of those Spanish banks have mortgage covered bonds (cédulas hipotecarias) that we rate, and which have been affected by our May 25 rating actions. Our criteria allow these mortgage covered bond programs to achieve a maximum rating uplift above our long-term rating on the issuer. Today, we have taken rating actions on our long-term ratings on these four banks' mortgage covered bond programs and all related issuances, to reflect the May 25 rating actions on the banks. The CreditWatch placements and outlooks assigned to these four programs reflect the CreditWatch placement or outlook assigned to the respective issuers....

Companies mentioned in this report are:
- Banca Civica S.A.
- Banco Popular Espanol S.A.
- Bankia S.A.
- Kutxabank S.A.

Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
Action: On CreditWatch:Negative
Action: On CreditWatch:Positive
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.

- Banca Civica S.A.
- Banco Popular Espanol S.A.
- Bankia S.A.
- Kutxabank S.A.

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