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

Ratings Raised To 'A' From 'A-' On Cajamar's Spanish Mortgage Covered Bonds; Outlook Positive

Published Dec 04, 2017

4 pages (1455 words) — Published Dec 04, 2017

Price US$ 150.00 | Buy this Report Now

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Abstract:

OVERVIEW We have raised to 'A' from 'A-' our ratings on Cajamar's Spanish mortgage covered bond program and related issuances to reflect the issuer's creditworthiness. The positive outlook on the covered bond ratings reflects the fact that we could raise our ratings if we were to change our view of the issuer's creditworthiness. MADRID (S&P Global Ratings) Dec. 4, 2017--S&P Global Ratings today raised to 'A' from 'A-' its credit ratings on the mortgage covered bonds ("cédulas hipotecarias") issued by Spain-based Cajamar Caja Rural S.C.C. The outlook on our ratings is positive. Today's upgrades reflect our view of the issuer's creditworthiness. There are no rating constraints related to counterparty, legal, or administrative and operational risks. According to our structured finance

Brief Excerpt:

...OVERVIEW + We have raised to 'A' from 'A-' our ratings on Cajamar's Spanish mortgage covered bond program and related issuances to reflect the issuer's creditworthiness. + The positive outlook on the covered bond ratings reflects the fact that we could raise our ratings if we were to change our view of the issuer's creditworthiness. MADRID (S&P Global Ratings) Dec. 4, 2017--S&P Global Ratings today raised to 'A' from 'A-' its credit ratings on the mortgage covered bonds ("cTdulas hipotecarias") issued by Spain-based Cajamar Caja Rural S.C.C. The outlook on our ratings is positive. Today's upgrades reflect our view of the issuer's creditworthiness. There are no rating constraints related to counterparty, legal, or administrative and operational risks. According to our structured finance ratings above the sovereign criteria, we can rate covered bonds a maximum of three notches above the long-term rating on the sovereign, unless structural features fully address refinancing risk over a 12-month...

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

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

Cajamar Caja Rural Spanish Mortgage Covered Bonds Outlook Revised To Positive; 'A+' Ratings Affirmed – 2018/12/12 – US$ 150.00

Ratings Raised On Cajamar Caja Rural's Spanish Mortgage Covered Bond Program; Outlook Stable – 2019/06/06 – US$ 150.00

Transaction Update: Cajamar Caja Rural S.C.C. (Mortgage Covered Bonds) – 2019/10/14 – US$ 375.00

Cajamar Spanish Mortgage Covered Bonds Outlook Revised To Negative; 'AA' Ratings Affirmed – 2020/05/07 – US$ 150.00

Transaction Update: Cajamar Caja Rural S.C.C. (Mortgage Covered Bonds) – 2017/10/12 – 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) – 2016/12/14 – US$ 375.00

Ratings Affirmed At 'A-' On Cajamar's Mortgage Covered Bonds Following Review; Outlook Stable – 2016/12/07 – US$ 150.00

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

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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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MLA:	S&P Global Ratings’ Credit Research. "Ratings Raised To 'A' From 'A-' On Cajamar's Spanish Mortgage Covered Bonds; Outlook Positive" Dec 04, 2017. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Raised-To-A-From-A-On-Cajamar-s-Spanish-Mortgage-Covered-Bonds-Outlook-Positive-1960830>

APA:	S&P Global Ratings’ Credit Research. (). Ratings Raised To 'A' From 'A-' On Cajamar's Spanish Mortgage Covered Bonds; Outlook Positive Dec 04, 2017. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-Raised-To-A-From-A-On-Cajamar-s-Spanish-Mortgage-Covered-Bonds-Outlook-Positive-1960830>

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