Outlooks On Nine Spanish Covered Bond Programs Revised To Positive Following Outlook Revision On Spain

OVERVIEW On March 31, 2017, we revised our outlook on our long-term rating on Spain to positive from stable. Following this outlook revision, we have revised the outlooks on our ratings on eight Spanish mortgage covered bond programs and one public sector covered bond program. At the same time, we have affirmed our ratings on these covered bond programs and related issuances. The positive outlook on our ratings on all of these programs reflects our outlook on Spain. MADRID (S&P Global Ratings) April 7, 2017--S&P Global Ratings today revised its outlooks on its credit ratings on eight Spanish mortgage covered bond programs and related issuances ("cédulas hipotecarias") to positive from stable. At the same time, we revised our outlook on

...OVERVIEW + On March 31, 2017, we revised our outlook on our long-term rating on Spain to positive from stable. + Following this outlook revision, we have revised the outlooks on our ratings on eight Spanish mortgage covered bond programs and one public sector covered bond program. + At the same time, we have affirmed our ratings on these covered bond programs and related issuances. + The positive outlook on our ratings on all of these programs reflects our outlook on Spain. MADRID (S&P Global Ratings) April 7, 2017--S&P Global Ratings today revised its outlooks on its credit ratings on eight Spanish mortgage covered bond programs and related issuances ("cTdulas hipotecarias") to positive from stable. At the same time, we revised our outlook on our ratings on one public sector covered bond program and related issuances ("cTdulas territoriales") to positive from stable (see list below). Today's affirmations and outlook revisions of these covered bond programs...

Ratings Action