Madrid, December 21, 2010 -- Moody's Investors Service has today taken the following rating actions:
(i) Placed on review for possible downgrade the ratings of 15 mortgage
covered bond programmes (Cédulas Hipotecarias or CHs)
(ii) Placed on review for possible downgrade the ratings of 5 public-sector
covered bond programmes (Cédulas Territoriales or CTs)
(iii) Placed on review for possible downgrade the ratings of 64 series
of Spanish multi-issuer covered bonds (SMICBs)
A list of the affected ratings can be found at the end of this press release.
Concurrent with these rating actions, Moody's has affirmed
the ratings of any other Spanish covered bonds.
RATINGS RATIONALE FOR CHs and CTs
Today's rating actions on the CHs and CTs were prompted by the corresponding
rating actions taken by Moody's on the underlying institutions supporting
these covered bonds. The senior unsecured ratings of these banks
were yesterday placed on review for possible downgrade; as a result,
the covered bonds have also been placed on review for possible downgrade.
However, Moody's notes that these reviews are limited to those
covered bond programmes where the issuer's long-term senior
unsecured ratings could be downgraded below a certain rating level (usually
below A3 or Baa1). Consequently, the Timely Payment Indicator
(TPI) framework could constrain the covered bond ratings.
The senior unsecured ratings of the issuers were placed on review following
the rating agency's decision on 15 December 2010 to place the Kingdom
of Spain's Aa1 bond rating on review for possible downgrade.
The issuers' unsecured ratings may be negatively affected by either
(i) a weakening in the sovereign's creditworthiness; or (ii)
a potential reduction in the likelihood that the Spanish government will
support Spanish banks in case of need.
For further information on the rating actions taken by Moody's Financial
Institutions Group, please refer to "Moody's takes actions on rated
Spanish banks further to sovereign rating review" published on 20 December
2010.
During the review of the covered bonds, Moody's will consider the
negative rating impact in two steps:
Step 1. Expected loss.
The credit strength of the issuer is incorporated into Moody's expected
loss methodology. Therefore, any downgrade of the issuer's
ratings will increase the expected loss on the covered bonds. Moody's
will also look at re-sizing the refinancing margins to account
for the increased funding costs in the market. Moody's notes that
issuers rated below A3 may be able to offset the deterioration in the
expected loss analysis by increasing the committed collateral in their
programmes.
Step 2. TPI.
The TPI framework will limit the covered bond ratings if any of the senior
unsecured ratings of the issuers are downgraded below certain level.
The published TPIs currently assigned to the affected CH and CT programmes
are "Probable" and "Probable-High", respectively.
Under Moody's methodology, a TPI of "Probable" or "Probable-High"
-- combined with an issuer long-term debt rating
below A3 -- would constrain the rating of the covered bonds
to Aa1 or below. Similarly, a TPI of "Probable " or "Probable-High"
would also constrain the Aa1 ratings of CTs for issuers rated below Baa1.
Thus, CHs issued by entities whose long-term ratings could
be downgraded below A3 or Baa1 have been placed on review for possible
downgrade. The main difference in the rating impact to covered
bonds between "Probable" and "Probable-High" starts for entities
rated below Baa2.
Moody's notes that the A1 CH ratings of Cajasur and the Aa3 CT ratings
of Banco de Castilla-La Mancha S.A. have also been
placed on review for possible downgrade, given the review for possible
downgrade of their respective parents (Bilbao Bizkaia Kutxa and Cajastur
respectively ) and thus the possible impact on their covered bond programmes.
During the review, Moody's will assess the parent's
commitment towards these entities' covered bond programmes.
RATINGS RATIONALE FOR SMICBs
Moody's has placed the ratings of 64 Series of SMICBs on review for possible
downgrade. The review was also prompted by the corresponding rating
actions taken by Moody's on the participant issuers in these Series,
which poses credit risk to the current rating assigned to the notes,
from both an expected loss and timeliness payment perspective.
The review has affected all the Series of any issuers (i) whose senior
unsecured rating could be downgraded below A3; or (ii) whose current
rating is Baa and has also being placed on review for possible downgrade.
Only three series were excluded from the review, related to Banco
Popular Español S.A. (Aa3 on review for possible
downgrade/ Prime-1).
SMICBs can be considered a repackaging of a pool of Spanish covered bonds.
Each SMICB is backed by a group of Spanish covered bonds (CHs or CTs)
which are purchased by a Fund. In turn, the Fund issues SMICBs.
During its review of the covered bonds, Moody's will consider the
negative rating impact in two steps:
Step 1. Moody's determines a rating based on the expected loss
on the SMICB.
The main driver of the expected loss (EL) of an SMICB is the credit strength
of the CHs backing the SMICBs. Any downgrade of the issuer's ratings
will increase the expected loss on the covered bonds. Similar to
single-issuers, Moody's will analyse the impact in
the EL of: (i) any issuer rating changes; (ii) any rating change
on the sovereign; and (iii) the refinancing environment in Spain.
Moody's notes that issuers rated below A3 may be able to offset the deterioration
in the expected loss analysis by increasing the committed collateral in
their programmes.
Step 2. A secondary rating target for SMICBs is the probability
of default.
Moody's would not rate any SMICB Aaa if any of the issuers of the
CHs supporting it were rated below Baa3, unless further structural
measures were implemented (for example, a reserve fund).
RATING METHODOLOGY
The principal methodologies used in rating these transactions were "Moody's
Rating Approach to Covered Bonds", published in March 2010,
"Assessing Swaps as Hedges in the Covered Bond Market", published
in September 2008, and "Rating Spanish Multi-Issuer
Covered Bonds", published in September 2009. These
can be found on www.moodys.com in the Rating Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating this issue can also be found in the Rating Methodologies sub-directory
on Moody's website. In addition, Moody's publishes a weekly
summary of structured finance credit, ratings and methodologies,
available to all registered users of our website, at www.moodys.com/SFQuickCheck
The rating assigned by Moody's addresses the expected loss posed to investors.
Moody's ratings address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have
a significant effect on yield and to investors.
The following ratings have been placed on review for possible downgrade
(excel link: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF229753):
LIST OF AFFECTED CHs AND CTs
-1) Bilbao Bizkaia Kutxa, mortgage covered bonds: Aaa
placed on review for possible downgrade, previously first-time
ratings of Aaa assigned on 18-11-2008.
-2) Banco de Castilla-la Mancha S.A. (former
CCM), public-sector covered bonds: Aa3 placed on review
for possible downgrade, previously downgraded to Aa3 from Aa1 on
review for possible downgrade, on 16-06-2009
-3) CajaSur, mortgage covered bonds: A1 placed on review
for possible downgrade, previously first-time ratings of
A1 assigned on 23-9-2009
-4) Caja Madrid, mortgage covered bonds: Aaa placed
on review for possible downgrade, previously first-time ratings
of Aaa assigned on 8-10-1999
-5) Caja Madrid, public sector covered bonds: Aaa placed
on review for possible downgrade, previously first-time ratings
of Aaa assigned on 20-2-2007
-6) Banca March, S.A., mortgage covered
bonds: Aaa placed on review for possible downgrade, previously
first-time ratings of Aaa assigned on 2-6-2009
-7) Banco Sabadell, mortgage covered bonds: Aaa placed
on review for possible downgrade, previously upgraded to Aaa from
Aa2 on 20-11-2006
-8) Ibercaja, mortgage covered bonds: Aaa placed on
review for possible downgrade, previously first-time ratings
of Aaa assigned on 2-11-2009
-9) Santander Consumer Finance, mortgage covered bonds:
Aaa placed on review for possible downgrade, previously first-time
ratings of Aaa assigned on 4-4-2006
-10) Bancaja, mortgage covered bonds: Aaa placed on
review for possible downgrade, previously confirmed at Aaa from
Aaa on review for possible downgrade on 01-07-2009
-11) Banco Pastor S.A., mortgage covered bonds:
Aaa placed on review for possible downgrade, previously confirmed
at Aaa from Aaa on review for possible downgrade on 01-07-2009
-12) CatalunyaCaixa, mortgage covered bonds: Aaa placed
on review for possible downgrade, previously confirmed at Aaa from
Aaa on review for possible downgrade on 01-07-2009
-13) CatalunyaCaixa, public-sector covered bonds:
Aaa placed on review for possible downgrade, previously confirmed
at Aaa from Aaa on review for possible downgrade on 16-06-2009
-14) Caja de Ahorros del Mediterráneo (CAM), mortgage
covered bonds: Aaa placed on review for possible downgrade,
previously confirmed at Aaa from Aaa on review for possible downgrade
on 01-07-2009
-15) Caja de Ahorros del Mediterráneo (CAM), public
sector covered bonds: Aaa placed on review for possible downgrade,
previously confirmed at Aaa from Aaa on review for possible downgrade
on 16-06-2009
-16) Cajamar, mortgage covered bonds: Aaa placed on
review for possible downgrade, previously confirmed at Aaa from
Aaa on review for possible downgrade on 01-07-2009
-17) Caja de Ahorros de Galicia, Vigo, O. y
P., mortgage covered bonds: Aa1 placed on review for
possible downgrade, previously first-time ratings of Aa1
assigned on 1-12-2010
-18) Caja de Ahorros de Galicia, Vigo, O. y
P., public sector covered bonds: Aa1 placed on review
for possible downgrade, previously first-time ratings of
Aa1 assigned on 1-12-2010
-19) Caja España De Inversiones, Salamanca y Soria,
mortgage covered bonds: Aa1 placed on review for possible downgrade,
previously first-time ratings of Aa1 assigned on 12-10-2010
-20) Caja Insular de Ahorros de Canarias, mortgage covered
bonds: Aa1 placed on review for possible downgrade, previously
downgraded to Aa1 from Aaa on review for possible downgrade on 16-06-2009
LIST OF AFFECTED SMICBS
-1) Programa Cédulas TDA, Fondo de Titulización
de Activos - Series A1 (ISIN: ES0371622004), Aa1 placed
on review for possible downgrade, previously downgraded to Aa1 from
Aaa on review for possible downgrade, on 17-12-2009.
-2) Programa Cédulas TDA, Fondo de Titulización
de Activos - Series A3 (ISIN: ES0371622038), Aa1 placed
on review for possible downgrade, previously downgraded to Aa1 from
Aaa on review for possible downgrade, on 17-12-2009.
-3) Programa Cédulas TDA, Fondo de Titulización
de Activos - Series A4 (ISIN: ES0371622012), Aa1 placed
on review for possible downgrade, previously downgraded to Aa1 from
Aaa on review for possible downgrade, on 17-12-2009.
-4) Programa Cédulas TDA, Fondo de Titulización
de Activos - Series A5 (ISIN: ES0371622046), Aa1 placed
on review for possible downgrade, previously downgraded to Aa1 from
Aaa on review for possible downgrade, on 17-12-2009.
-5) Programa Cédulas TDA, Fondo de Titulización
de Activos - Series A6 (ISIN: ES0371622020), Aa1 placed
on review for possible downgrade, previously downgraded to Aa1 from
Aaa on review for possible downgrade, on 17-12-2009.
-6) CÉDULAS TDA 2, FTA (ISIN: ES0317019000),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-7) CÉDULAS TDA 3, FTA (ISIN: ES0317043000),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-8) CÉDULAS TDA 5, FTA (ISIN: ES0317045005),
Aa3 placed on review for possible downgrade, previously downgraded
to Aa3 from Aa1, on 03-05-2010.
-9) CÉDULAS TDA 6, FTA (ISIN: ES0317046003),
Aa2 placed on review for possible downgrade, previously downgraded
to Aa2 from Aa1, on 03-05-2010.
-10) CÉDULAS TDA 7, FTA (ISIN: ES0317047001),
Aa2 placed on review for possible downgrade, previously downgraded
to Aa2 from Aa1, on 03-05-2010.
-11) CÉDULAS TDA 19, FTA (ISIN: ES0315945008),
Aaa placed on review for possible downgrade, previously first-time
ratings of Aaa assigned on 21-06-2010.
-12) CÉDULAS TDA 20, FTA - Serie A1 (ISIN:
ES0316991001), Aaa placed on review for possible downgrade,
previously first-time ratings of Aaa assigned on 18-06-2010.
-13) CÉDULAS TDA 20, FTA - Serie A2 (ISIN:
ES0316991019), Aaa placed on review for possible downgrade,
previously first-time ratings of Aaa assigned on 18-06-2010.
-14) IM CÉDULAS 2, FTA (ISIN: ES0347859003),
Aa1 placed on review for possible downgrade, previously downgraded
to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.
-15) IM CÉDULAS 4, FTA (ISIN: ES0347848006),
Aa1 placed on review for possible downgrade, previously downgraded
to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.
-16) IM CÉDULAS M1, FTA (ISIN: ES0362859003),
A1 placed on review for possible downgrade, previously downgraded
to A1 from Aa2, on 03-05-2010.
-17) IM CÉDULAS 7, FTA (ISIN: ES0347784003),
Aa1 placed on review for possible downgrade, previously downgraded
to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.
-18) IM CÉDULAS 9, FTA (ISIN: ES0347785000),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-19) IM CÉDULAS 10, FTA (ISIN: ES0349045007),
Aa3 placed on review for possible downgrade, previously downgraded
to Aa3 from Aa2, on 03-05-2010.
-20) IM Cédulas 14, FTA (ISIN: ES0347462006),
Aaa placed on review for possible downgrade, previously first-time
ratings of Aaa assigned on 05-05-2010.
-21) AyT Cedulas Cajas, FTA (ISIN: ES0352961009),
Aa1 placed on review for possible downgrade, previously downgraded
to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.
-22) AyT Cedulas Cajas III, FTA (ISIN: ES0361002001),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-23) AyT Cedulas Cajas IV, FTA (ISIN: ES0312368006),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-24) AyT Cedulas Cajas V, FTA - Series A (ISIN:
ES0370148001), Aaa placed on review for possible downgrade,
previously confirmed to Aaa from Aaa on review for possible downgrade,
on 17-12-2009.
-25) AyT Cedulas Cajas V, FTA - Series B (ISIN:
ES0370148019), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-26) AyT Cedulas Cajas VI, FTA - Series A (ISIN:
ES0312360003), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-27) AyT Cedulas Cajas VI, FTA - Series B (ISIN:
ES0312360011), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-28) AyT Cedulas Cajas VII, FTA (ISIN: ES0312361001),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-29) AyT Cedulas Cajas VIII, FTA - Series A (ISIN:
ES0312362009), Aaa placed on review for possible downgrade,
previously confirmed to Aaa from Aaa on review for possible downgrade,
on 17-12-2009.
-30) AyT Cedulas Cajas VIII, FTA - Series B (ISIN:
ES0312362017), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-31) AyT Cedulas Cajas IX, FTA - Series A (ISIN:
ES0312358007), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-32) AyT Cedulas Cajas IX, FTA - Series B (ISIN:
ES0312358015), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-33) AyT Cedulas Cajas X, FTA - Series A (ISIN:
ES0312342001), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-34) AyT Cedulas Cajas X, FTA - Series B (ISIN:
ES0312342019), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-35) AyT Cedulas Cajas XI, FTA (ISIN: ES0312213004),
Aa1 placed on review for possible downgrade, previously downgraded
to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.
-36) AyT Cédulas Cajas Global, FTA - Series
I (ISIN: ES0312298005), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-37) AyT Cédulas Cajas Global, FTA - Series
II (ISIN: ES0312298013), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-38) AyT Cédulas Cajas Global, FTA - Series
III (ISIN: ES0312298021), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-39) AyT Cédulas Cajas Global, FTA - Series
IV (ISIN: ES0312298039), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-40) AyT Cédulas Cajas Global, FTA - Series
V (ISIN: ES0312298047), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-41) AyT Cédulas Cajas Global, FTA - Series
VI (ISIN: ES0312298054), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-42) AyT Cédulas Cajas Global, FTA - Series
VII (ISIN: ES0312298062), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-43) AyT Cédulas Cajas Global, FTA - Series
VIII (ISIN: ES0312298070), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-44) AyT Cédulas Cajas Global, FTA - Serie
IX (ISIN: ES0312298088), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-45) AyT Cédulas Cajas Global, FTA - Series
X (ISIN: ES0312298096), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-46) AyT Cédulas Cajas Global, FTA - Series
XI (ISIN: ES0312298104), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-47) AyT Cédulas Cajas Global, FTA - Series
XII (ISIN: ES0312298112), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-48) AyT Cédulas Cajas Global, FTA - Series
XIII (ISIN: ES0312298120), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-49) AyT Cédulas Cajas Global, FTA - Series
XIV (ISIN: ES0312298138), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-50) AyT Cédulas Cajas Global, FTA - Series
XVI (ISIN: ES0312298153), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-51) AyT Cédulas Cajas Global, FTA - Series
XVIII (ISIN: ES0312298179), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-52) AyT Cédulas Cajas Global, FTA - Series
XIX (ISIN: ES0312298187), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-53) AyT Cédulas Cajas Global, FTA - Series
XX (ISIN: ES0312298195), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-54) AyT Cédulas Cajas Global, FTA - Series
XXI (ISIN: ES0312298203), Aa1 placed on review for possible
downgrade, previously downgraded to Aa1 from Aaa on review for possible
downgrade, on 17-12-2009.
-55) AyT Cédulas Cajas Global, FTA - Series
XXIV (ISIN: ES0312298237), Aaa placed on review for possible
downgrade, previously first-time ratings of Aaa assigned
on 24-07-2009.
-56) AyT Cédulas Cajas Global, FTA - Series
XXV (ISIN: ES0312298245), Aaa placed on review for possible
downgrade, previously first-time ratings of Aaa assigned
on 03-12-2009.
-57) AyT Cédulas Cajas Global, FTA - Series
XXVI (ISIN: ES0312298252), Aaa placed on review for possible
downgrade, previously first-time ratings of Aaa assigned
on 27-05-2010.
-58) AyT.10 Financiación Inversiones, FTA (ISIN:
ES0361005004), Aaa placed on review for possible downgrade,
previously confirmed to Aaa from Aaa on review for possible downgrade,
on 17-12-2009.
-59) AyT Prestige Cajas de Ahorros, FTA (ISIN: ES0356849002),
Aaa placed on review for possible downgrade, previously confirmed
to Aaa from Aaa on review for possible downgrade, on 17-12-2009.
-60) AyT Financiación Inversiones II, FTA (ISIN:
ES0312375001), Aaa placed on review for possible downgrade,
previously confirmed to Aaa from Aaa on review for possible downgrade,
on 17-12-2009.
-61) AyT Financiación Inversiones III, FTA (ISIN:
ES0312299003), Aa1 placed on review for possible downgrade,
previously downgraded to Aa1 from Aaa on review for possible downgrade,
on 17-12-2009.
-62) PROGRAMA PITCH, FTA (ISIN: ES0334699008),
Aa1 placed on review for possible downgrade, previously downgraded
to Aa1 from Aaa on review for possible downgrade, on 17-12-2009.
-63) AyT Cédulas Territoriales III, FTA (ISIN:
ES0384957009), Aaa placed on review for possible downgrade,
previously first-time ratings of Aaa assigned on 29-07-2008.
-64) CÉDULAS TDA 21, FTA -(ISIN: n.a.),
(p) Aaa placed on review for possible downgrade, previously first-time
ratings of (P) Aaa assigned on 17-12-2010.
The following ratings have been affirmed:
LIST OF AFFIRMED CHs AND CTs
-1) Caja de Ahorros y Pensiones de Barcelona (La Caixa),
mortgage covered bonds: Aaa affirmed
-2) Caja de Ahorros y Pensiones de Barcelona (La Caixa),
public-sector covered bonds: Aaa affirmed
-3) Banco Santander, S.A., mortgage covered
bonds: Aaa affirmed
-4) Banco Santander, S.A., public-sector
covered bonds: Aaa affirmed
-5) Banco Bilbao Vizcaya Argentaria, S.A.,
mortgage covered bonds: Aaa affirmed
-6) Banco Bilbao Vizcaya Argentaria, S.A.,
public-sector covered bonds: Aaa affirmed
-7) Banesto, S.A., mortgage covered bonds:
Aaa affirmed
-8) Banesto, S.A., public-sector
covered bonds: Aaa affirmed
-9) Bankinter, S.A., mortgage covered
bonds: Aaa affirmed
-10) Banco Popular Español, S.A.,
mortgage covered bonds: Aaa affirmed
-11) Unicaja, mortgage covered bonds: Aaa affirmed
-12) Caja Vital Kutxa, mortgage covered bonds: Aaa
affirmed
-13) Dexia Sabadell, S.A., public-sector
covered bonds: Aa2 affirmed
LIST OF AFFIRMED SMICBS
-1) IM Cédulas 1 GBP, FTA (ISIN: ES0347858005),
Aaa affirmed
-2) IM Cédulas 2 GBP, FTA (ISIN: ES0318821008),
Aaa affirmed
-3) IM Cédulas 3 GBP, FTA (ISIN: ES0318822006),
Aaa affirmed
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Madrid
Juan Pablo Soriano
MD - Structured Finance
Structured Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Madrid
Jose de Leon
Senior Vice President
Structured Finance Group
Moody's Investors Service Espana, S.A.
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Moody's places multiple Spanish covered bonds on review for possible downgrade
