OVERVIEW Today's rating actions on Bankia's mortgage covered bonds follow our lowering of the long-term counterparty credit rating on Bankia (BBB-/Negative/A-3) on Feb. 13, 2012. Under our rating approach, Bankia's mortgage covered bond ratings currently benefit from the maximum uplift possible above our long-term rating on the issuer. Therefore, our downgrade of the issuer to 'BBB-' from 'BBB+' has directly affected the rating on the mortgage covered bonds. As Bankia's covered bond ratings incorporate the maximum possible uplift under our covered bond criteria, any further rating action on Bankia would directly affect the ratings assigned to the mortgage covered bonds the bank has issued, all else being equal. MADRID (Standard&Poor's) Feb. 21, 2012--Standard&Poor's Ratings Services today
