Bankia S.A. Public Sector Covered Bond Program Assigned 'AA-' Rating; Outlook Stable

We have assigned our 'AA-' ratings to the public sector covered bond program and first public sector retained covered bond issuance of Spain-based Bankia S.A. Our ratings reflect our review of the program under our covered bonds criteria and the fact that the available credit enhancement exceeds the required credit enhancement for a 'AA-' rating. The stable outlook reflects the stable outlook on the long-term rating on Spain (A/Stable/A-1). MADRID (S&P Global Ratings) July 2, 2020--S&P Global Ratings today assigned its 'AA-' credit ratings to the public sector covered bond program and related issuance from Bankia S.A. Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond

...- We have assigned our '##-' ratings to the public sector covered bond program and first public sector retained covered bond issuance of Spain-based Bankia S.A. - Our ratings reflect our review of the program under our covered bonds criteria and the fact that the available credit enhancement exceeds the required credit enhancement for a '##-' rating. - The stable outlook reflects the stable outlook on the long-term rating on Spain (A/Stable/A-1). MADRID (S&P Global Ratings) July 2, 2020--S&P Global Ratings today assigned its '##-' credit ratings to the public sector covered bond program and related issuance from Bankia S.A. Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015. We performed a legal and regulatory review, an operational risk review, a resolution regime analysis, a jurisdictional support analysis,...

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