OVERVIEW We are assigning our 'BBB-' rating to Cajas Rurales Unidas' Spanish mortgage covered bonds. In our view, the available credit enhancement is commensurate with a 'BBB-' rating. The negative outlook reflects that a deterioration in the creditworthiness of the bank could directly lead us to lower the covered bond ratings. MADRID (Standard&Poor's) Nov. 13, 2013--Standard&Poor's Ratings Services today assigned its 'BBB-' rating to the Spanish mortgage covered bonds ("cédulas hipotecarias") issued by Cajas Rurales Unidas S.C.C. (Cajamar). The outlook is negative. Cajamar, together with 18 other cooperative banks, form the cooperative banking group "Grupo Cooperativo Cajas Rurales Unidas" (Cajamar Group), which focuses on retail banking in Spanish rural areas. The Cajamar Group is the largest
