Cajamar Caja Rural S.C.C. Mortgage Covered Bond Program Ratings Raised Following Action On Issuer; Outlook Stable

On June 21, 2023, we raised our long-term ICR on Cajamar to 'BB+' from 'BB'. Following this upgrade and the application of our criteria, we raised to 'AA+' from 'AA' our ratings on Cajamar's mortgage covered program and related issuances. Our outlook on the ratings is stable, reflecting both the stable outlook on our long-term rating on the issuer and the sovereign. MADRID (S&P Global Ratings) June 26, 2023--S&P Global Ratings today raised to 'AA+' from 'AA' its credit ratings on Cajamar Caja Rural S.C.C.'s mortgage covered bond program and related issuances ("cédulas hipotecarias"). We also revised our outlook on the ratings to stable from positive. Today's upgrade follows our June 21, 2023, rating action on Cajamar (see "Banco de

...- On June 21, 2023, we raised our long-term ICR on Cajamar to '##+' from '##'. - Following this upgrade and the application of our criteria, we raised to '##+' from '##' our ratings on Cajamar's mortgage covered program and related issuances. - Our outlook on the ratings is stable, reflecting both the stable outlook on our long-term rating on the issuer and the sovereign. MADRID (S&P Global Ratings) June 26, 2023--S&P Global Ratings today raised to '##+' from '##' its credit ratings on Cajamar Caja Rural S.C.C.'s mortgage covered bond program and related issuances ("cTdulas hipotecarias"). We also revised our outlook on the ratings to stable from positive. Today's upgrade follows our June 21, 2023, rating action on Cajamar (see "Banco de Credito Social Cooperativo And Cajamar Caja Rural Upgraded To `##+'; Outlook Stable"). Our ratings reflect, among others, our covered bonds and structured finance ratings above the sovereign criteria (see "Related Criteria"). Under our covered bonds criteria,...

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