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Rating Action:

Moody's upgrades multiple Spanish covered bonds

25 Feb 2014

Madrid, February 25, 2014 -- Moody's Investors Service has today taken multiple rating actions on Spanish mortgage and public-sector covered bonds. This follows the rating agency's upgrade of Spain's country ceiling to A1 from A3, which was prompted by the upgrade of Spain's government bond ratings to Baa2 (positive) from Baa3 (stable).

Accordingly, a number of covered bond ratings previously constrained by the sovereign ceiling have been upgraded. In some cases, the new ratings are capped at A2 in line with Moody's timely payment indicator (TPI) framework. (See key rating assumptions/factors section below).

Specifically, Moody's has:

- Upgraded the ratings of nine Spanish covered bonds by two notches.

- Upgraded the ratings of three Spanish covered bonds by one notch

A full list of affected ratings is provided at the end of this press release. This list is an integral part of this press release and identifies each affected issuer.

For further details on the upgrade of Spain's government bond ratings and the country ceiling, please refer to the press release published on 21 February 2014 (https://www.moodys.com/research/Moodys-upgrades-Spains-government-bond-rating-to-Baa2-assigns-positive--PR_292078)

RATINGS RATIONALE

Today's rating action reflects Moody's upgrade of Spain's sovereign rating to Baa2 from Baa3, and Spain's country ceiling to A1 from A3. Accordingly, 12 covered bond ratings in Spain have now been upgraded in line with the new sovereign ceiling.

Covered bonds whose issuer rating is rated at Baa3 or above have been upgraded by two notches. Covered bonds whose issuer rating is rated at Ba1 have been upgraded by one notch. Covered bonds whose issuer rating is rated below Ba1 are not affected by the upgrade of Spain's country ceiling due to the TPI framework.

Moody's notes that the TPI for both mortgage and public-sector covered bonds has been maintained at "Probable".

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to determine a rating based on the expected loss on the bond. COBOL determines expected loss as (1) a function of the issuer's probability of default as measured by the issuer's rating; and (2) the stressed losses on the cover pool assets following issuer default.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator" (TPI), which indicates the likelihood that the issuer will make timely payments to covered bondholders if the issuer defaults. The TPI framework limits the covered bond rating to a certain number of notches above the issuer's rating.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The issuer's credit strength is the main determinant of a covered bond rating's robustness. The TPI Leeway measures the number of notches by which Moody's might downgrade the issuer's rating before the rating agency downgrades the covered bonds because of TPI framework constraints.

A multiple-notch downgrade of the covered bonds might occur in certain limited circumstances, such as (1) a sovereign downgrade negatively affecting both the issuer's senior unsecured rating and the TPI; (2) a multiple-notch downgrade of the issuer; or (3) a material reduction of the value of the cover pool.

LIST OF RATINGS UPGRADES

Mortgage covered bond programmes:

Upgraded to A1 from A3 the ratings on the covered bonds issued by Banca March S.A. - Cedulas Hipotecarias

Upgraded to A1 from A3 the ratings on the covered bonds issued by Banco Santander S.A. (Spain) - Cedulas Hipotecarias

Upgraded to A1 from A3 the ratings on the covered bonds issued by Santander Consumer Finance

Upgraded to A1 from A3 the ratings on the covered bonds issued by Banco Bilbao Vizcaya Argentaria, S.A. - Cedulas Hipotecarias

Upgraded to A1 from A3 the ratings on the covered bonds issued by CaixaBank - Cedulas Hipotecarias

Upgraded to A1 from A3 the ratings on the covered bonds issued by Caja Rural de Navarra - Mortgage Covered Bonds

Upgraded to A2 from A3 the ratings on the covered bonds issued by BANKINTER, S.A. Mortgage Covered Bonds

Upgraded to A2 from A3 the ratings on the covered bonds issued by Kutxabank - Covered Bonds

Upgraded to A2 from A3 the ratings on the covered bonds issued by Bankoa S. A. - Cedulas Hipotecarias

Public sector covered bond programmes:

Upgraded to A1 from A3 the ratings on the covered bonds issued by Banco Santander S.A. (Spain) - Cedulas Territoriales

Upgraded to A1 from A3 the ratings on the covered bonds issued by Banco Bilbao Vizcaya Argentaria, S.A. Public Sector Covered Bonds

Upgraded to A1 from A3 the ratings on the covered bonds issued by CaixaBank - Cedulas Territoriales

Please see here for more details:(http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF357887)

The principal methodology used in these ratings was "Moody's Approach to Rating Covered Bonds" published in July 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The credit ratings of the covered bonds were assigned in line with Moody's existing credit rating methodology entitled "Moody's Approach to Rating Covered Bonds", dated July 2012. Moody's notes that on 19 September 2013 it published a request for comment (RFC) in which the rating agency proposed an adjustment to the anchor point it uses in its covered bond analysis. If the revised credit rating methodology is implemented as proposed, the credit ratings of the covered bonds may be affected. Please refer to Moody's request for comment, titled "Approach to Determining the Issuer Anchor Point for Covered Bonds" for further details regarding the implications of the proposed credit rating methodology changes on Moody's credit ratings. For further details, please see https://www.moodys.com/research/Approach-to-Determining-the-Issuer-Anchor-Point-for-Covered-Bonds--PBS_SF342448.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jose I de Leon
Senior Vice President
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Juan Pablo Soriano
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's upgrades multiple Spanish covered bonds
No Related Data.
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