OVERVIEW Spain-based Bankia S.A. has redeemed retained mortgage covered bonds with close maturities and reissued new ones for a lower amount with longer maturities, which has changed the maturity profile of the total outstanding covered bonds and increased the level of overcollateralization. As a result, we view the current overcollateralization level as consistent with a higher rating, and the covered bonds can now achieve six notches of uplift above the rating on the issuer. We are therefore raising our rating on Bankia's mortgage covered bonds to 'A-' from 'BBB'. The positive outlook mirrors that on the issuer after we revised it from negative on June 4, 2014. MADRID (Standard&Poor's) June 11, 2014--Standard&Poor's Ratings Services said today
