Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Cajamar Caja Rural S.C.C.

Ratings Affirmed At 'A-' On Cajamar's Mortgage Covered Bonds Following Review; Outlook Stable

Published Dec 07, 2016

4 pages (1347 words) — Published Dec 07, 2016

Price US$ 150.00 | Buy this Report Now

About This Report

Abstract:

OVERVIEW As part of our ongoing surveillance, we have reviewed our ratings on Cajamar'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 outlook is stable. MADRID (S&P Global Ratings) Dec. 7, 2016--S&P Global Ratings today affirmed its 'A-' credit ratings on Cajamar Caja Rural S.C.C.'s (Cajamar) 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

Brief Excerpt:

...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on Cajamar'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 outlook is stable. MADRID (S&P Global Ratings) Dec. 7, 2016--S&P Global Ratings today affirmed its 'A-' credit ratings on Cajamar Caja Rural S.C.C.'s (Cajamar) 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 "Italy And Spain RMBS Methodology And Assumptions," published on Sept. 18, 2014, "Analyzing European Commercial Real Estate Collateral...

Report Type:

Ratings Action

Issuer

Cajamar Caja Rural S.C.C.

Sector

Global Issuers, Structured Finance

Country

Spain

Region

Europe, Middle East, Africa

Format:

PDF

Transaction Update: Cajamar Caja Rural S.C.C. (Mortgage Covered Bonds) – 2016/12/14 – US$ 375.00

Outlook On Cajamar's Spanish Mortgage Covered Bonds Revised To Positive From Stable; 'A-' Ratings Affirmed – 2017/02/16 – US$ 150.00

Transaction Update: Cajamar Caja Rural S.C.C. (Mortgage Covered Bonds) – 2017/10/12 – US$ 375.00

Ratings Raised To 'A' From 'A-' On Cajamar's Spanish Mortgage Covered Bonds; Outlook Positive – 2017/12/04 – US$ 150.00

Ratings Raised To 'A+' From 'A' On Cajamar's Spanish Mortgage Covered Bonds; Outlook Stable – 2018/04/11 – US$ 150.00

Transaction Update: Cajas Rurales Unidas S.C.C. (Mortgage Covered Bonds) – 2015/12/21 – US$ 375.00

Ratings Raised On Two Spanish Mortgage Covered Bond Programs Following Banks Review – 2015/12/09 – US$ 150.00

Various Rating Actions Taken On 11 Spanish Mortgage Covered Bond Programs Following Application Of Revised Criteria – 2015/02/05 – US$ 150.00

Outlook On Cajas Rurales Unidas Spanish Mortgage Covered Bond Program Revised To Stable From Negative – 2014/12/04 – US$ 150.00

Transaction Update: Cajas Rurales Unidas S.C.C. Spanish Mortgage Covered Bond Program – 2014/11/05 – US$ 375.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Ratings Affirmed At 'A-' On Cajamar's Mortgage Covered Bonds Following Review; Outlook Stable" Dec 07, 2016. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Affirmed-At-A-On-Cajamar-s-Mortgage-Covered-Bonds-Following-Review-Outlook-Stable-1769275>

APA:	S&P Global Ratings’ Credit Research. (). Ratings Affirmed At 'A-' On Cajamar's Mortgage Covered Bonds Following Review; Outlook Stable Dec 07, 2016. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Affirmed-At-A-On-Cajamar-s-Mortgage-Covered-Bonds-Following-Review-Outlook-Stable-1769275>

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