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

Spain-Based Bankia S.A.'s Mortgage Covered Bonds Downgraded To 'BBB'; CreditWatch Revised To Developing

Published Apr 02, 2013

About This Report

Abstract:

OVERVIEW On March 25, we downgraded Spain-based Bankia S.A. to 'BB-' from 'BB'. In line with our criteria, we rate Bankia's mortgage covered bonds four notches higher than the long-term rating on Bankia. We are therefore lowering our ratings on Bankia's mortgage covered bonds to 'BBB' from 'BBB+' and revising the CreditWatch status to developing from negative. The CreditWatch now reflects that we may affirm, lower, or raise the ratings. We intend to resolve the CreditWatch in the following weeks after receiving and analyzing full data relating to Bankia's transfer of assets to asset management company SAREB at the end of December 2012 and its early redemption of certain covered bond series. MADRID (Standard&Poor's) April 2, 2013--Standard&

Report Type:

Ratings Action

Ticker

BKIA@SM

Issuer

Bankia S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Spain

Region

Latin America

Format:

HTML

Ratings On Bankia Spanish Mortgage Covered Bonds Affirmed At 'BBB'; Off Watch; Outlook Negative – 2013/05/29 – US$ 150.00

Ratings On Bankia And Banco Financiero y de Ahorros Affirmed Upon Completion Of Recapitalization Plan; Outlook Neg – 2013/06/21 – US$ 150.00

Research Update: Ratings On Bankia And Banco Financiero y de Ahorros Affirmed Upon Completion Of Recapitalization Plan; Outlook Neg – 2013/06/21 – US$ 225.00

Transaction Update: Bankia S.A. Mortgage Covered Bonds – 2013/10/01 – US$ 375.00

Bankia S.A. – 2013/11/05 – US$ 500.00

Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative – 2013/03/25 – US$ 150.00

Research Update: Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative – 2013/03/25 – US$ 225.00

Research Update: Bankia S.A. And Parent Banco Financiero y de Ahorros S.A. Remain On CreditWatch Negative As Spain's Economic Risk Rises – 2012/11/23 – US$ 225.00

Bankia's Mortgage Covered Bonds Downgraded To 'A-' On Lower Overcollateralization; Remain On CreditWatch Negative – 2012/10/04 – US$ 150.00

Research Update: Bankia's Nondeferrable Subordinated Debt Lowered To 'CC'; Long-Term Ratings On Bankia And BFA Kept On Watch Negative – 2012/08/07 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Spain-Based Bankia S.A.'s Mortgage Covered Bonds Downgraded To 'BBB'; CreditWatch Revised To Developing" Apr 02, 2013. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Spain-Based-Bankia-S-A-s-Mortgage-Covered-Bonds-Downgraded-To-BBB-CreditWatch-Revised-To-Developing-1107747>

APA:	S&P Global Ratings’ Credit Research. (). Spain-Based Bankia S.A.'s Mortgage Covered Bonds Downgraded To 'BBB'; CreditWatch Revised To Developing Apr 02, 2013. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Spain-Based-Bankia-S-A-s-Mortgage-Covered-Bonds-Downgraded-To-BBB-CreditWatch-Revised-To-Developing-1107747>

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