Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research CaixaBank, S.A.

Ratings Affirmed At 'A+' On CaixaBank's Spanish Mortgage Covered Bonds Following Review; Outlook Stable

Published May 27, 2016

4 pages (1422 words) — Published May 27, 2016

Price US$ 150.00 | Buy this Report Now

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Abstract:

OVERVIEW As part of our ongoing surveillance, we have reviewed our ratings on CaixaBank's Spanish mortgage covered bond program and related issuances. In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. We have therefore affirmed our 'A+' ratings on the program and related issuances. The stable outlook on the ratings reflects that on the sovereign. MADRID (S&P Global Ratings) May 27, 2016--S&P Global Ratings today affirmed its 'A+' credit ratings on CaixaBank S.A.'s (BBB/Stable/A-2) Spanish mortgage covered bond program and related issuances. The outlook on our ratings is stable. We have conducted a credit and cash flow analysis based on our criteria for rating Spanish residential mortgage-backed securities, our criteria for analyzing

Brief Excerpt:

...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on CaixaBank's Spanish mortgage covered bond program and related issuances. + In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. + We have therefore affirmed our 'A+' ratings on the program and related issuances. + The stable outlook on the ratings reflects that on the sovereign. MADRID (S&P Global Ratings) May 27, 2016--S&P Global Ratings today affirmed its 'A+' credit ratings on CaixaBank S.A.'s (###/Stable/A-2) Spanish mortgage covered bond program and related issuances. The outlook on our ratings is stable. We have conducted a credit and cash flow analysis based on our criteria for rating Spanish residential mortgage-backed securities, our criteria for analyzing European commercial real estate collateral in covered bonds, and our covered bonds criteria (see "Related Criteria"). Based on the results of our credit and cash flow analysis, we consider...

Report Type:

Ratings Action

Ticker

CRI@SM

Issuer

CaixaBank, S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Spain

Region

Europe, Middle East, Africa

Format:

PDF

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CaixaBank S.A. – 2016/09/23 – US$ 500.00

Summary: CaixaBank S.A. – 2016/09/23 – US$ 225.00

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Rating Actions Taken On Spanish CaixaBank And Portuguese Banco BPI Following Announcement Of New Tender Offer – 2016/04/22 – US$ 150.00

Research Update: Rating Actions Taken On Spanish CaixaBank And Portuguese Banco BPI Following Announcement Of New Tender Offer – 2016/04/22 – US$ 225.00

Bulletin: CaixaBank Ratings Unaffected By Announced Divestment Of Two Large Financial Institutions' Holdings – 2015/12/04 – Free

Ratings Raised On Nine Spanish Covered Bond Programs Following Upgrade Of Spain – 2015/10/13 – US$ 150.00

CaixaBank S.A. – 2015/10/07 – US$ 500.00

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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.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Ratings Affirmed At 'A+' On CaixaBank's Spanish Mortgage Covered Bonds Following Review; Outlook Stable" May 27, 2016. Alacra Store. May 17, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Affirmed-At-A-On-CaixaBank-s-Spanish-Mortgage-Covered-Bonds-Following-Review-Outlook-Stable-1644733>

APA:	S&P Global Ratings’ Credit Research. (). Ratings Affirmed At 'A+' On CaixaBank's Spanish Mortgage Covered Bonds Following Review; Outlook Stable May 27, 2016. New York, NY: Alacra Store. Retrieved May 17, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Affirmed-At-A-On-CaixaBank-s-Spanish-Mortgage-Covered-Bonds-Following-Review-Outlook-Stable-1644733>

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