Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative - S&P Global Ratings’ Credit Research

Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative

Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative - S&P Global Ratings’ Credit Research
Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative
Published Oct 19, 2011
1621 words — Published Oct 19, 2011
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

OVERVIEW On Oct. 13, we lowered our long-term sovereign credit rating on the Kingdom of Spain to 'AA-' from 'AA'. We have applied our criteria for nonsovereign ratings that exceed EMU sovereign ratings to BBVA's U.S. dollar public-sector covered bond that we rate. Our criteria state that the maximum rating differential between the rating on the sovereign and that on the public-sector covered bonds is capped at a single notch. We have therefore lowered to 'AA' our rating on this covered bond. The outlook is negative. MADRID (Standard&Poor's) Oct. 19, 2011--Standard&Poor's Ratings Services today lowered to 'AA' from 'AA+' its credit rating on Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA) U.S. dollar public-sector covered bond ("cédula territorial";

  
Brief Excerpt:

RESEARCH Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative Publication date: 19-Oct-2011 Surveillance Credit Analyst: Ana Galdo, Madrid (34) 91-389-6947; ana_galdo@standardandpoors.com Secondary Contact:...

  
Report Type:

Ratings Action

Ticker
BBVA@SM
Issuer
Banco Bilbao Vizcaya Argentaria S.A.
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Spain
Region
United States
Format:
HTML HTML
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative" Oct 19, 2011. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Rating-Lowered-On-BBVA-s-U-S-Dollar-Public-Sector-Covered-Bond-Outlook-Negative-902139>
  
APA:
S&P Global Ratings’ Credit Research. (). Rating Lowered On BBVA's U.S. Dollar Public-Sector Covered Bond; Outlook Negative Oct 19, 2011. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Rating-Lowered-On-BBVA-s-U-S-Dollar-Public-Sector-Covered-Bond-Outlook-Negative-902139>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Residential Mortgage-Backed Securities from one place.