OVERVIEW On Sept. 18, 2014, we published our updated criteria for rating Italian and Spanish RMBS and our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. Under the revised criteria, we have reviewed the Spanish mortgage covered bonds issued by Cajas Rurales Unidas, and we continue to view the program's available credit enhancement as commensurate with the ratings on the outstanding covered bonds. We are therefore affirming our rating on the program at 'BBB-' and removing our "under criteria observation" identifier, which we had added also on Sept. 18, 2014. The outlook is negative because a deterioration in the creditworthiness of the bank could directly lead us to lower the ratings on the covered bonds. MADRID (Standard
