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Ratings Lowered On Six Spanish Covered Bond Programs And 15 Multicedulas Programs Following Downgrade Of Spain

Published Oct 16, 2012

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About This Report

Abstract:

OVERVIEW On Oct. 10, 2012, we lowered our sovereign ratings on Spain to 'BBB-/A-3' from 'BBB+/A-2' and assigned a negative outlook to the long-term rating. According to our EMU criteria and as a result of the rating action on the sovereign, we are today lowering our ratings on one Spanish public-sector covered bond, five Spanish mortgage covered bond programs, and 15 multicedulas transactions, to reflect the changed sovereign rating and the impact of country-risk exposure on these programs. Under our criteria, our ratings on Spanish covered bond programs with "high" country-risk exposure are capped at 'BBB', while Spanish covered bond programs with "low" country-risk exposure cannot be rated higher than 'AA-'. The rating on one of the mortgage covered bond

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:

PDF

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Ratings Lowered On Six Spanish Covered Bond Programs And 15 Multicedulas Programs Following Downgrade Of Spain" Oct 16, 2012. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Lowered-On-Six-Spanish-Covered-Bond-Programs-And-15-Multicedulas-Programs-Following-Downgrade-Of-Spain-1060329>

APA:	S&P Global Ratings’ Credit Research. (). Ratings Lowered On Six Spanish Covered Bond Programs And 15 Multicedulas Programs Following Downgrade Of Spain Oct 16, 2012. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Lowered-On-Six-Spanish-Covered-Bond-Programs-And-15-Multicedulas-Programs-Following-Downgrade-Of-Spain-1060329>

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