OVERVIEW We lowered our long-term counterparty credit rating on Spain-based NCG Banco to 'B+' from 'BB-' on April 10, 2014. Since our last review, the asset-liability mismatch risk for NCG Banco's mortgage covered bonds has decreased, and consequently the program could have one additional notch of uplift from the long-term rating on the bank. We view the available credit enhancement to be commensurate with the current ratings on the outstanding covered bonds. We are therefore affirming and removing from CreditWatch negative our 'BBB+' ratings on NCG Banco's mortgage covered bonds. The negative outlook reflects that on NCG Banco. MADRID (Standard&Poor's) April 15, 2014--Standard&Poor's Ratings Services today affirmed its 'BBB+' long-term credit ratings on the mortgage covered
