OVERVIEW On Dec. 23, 2013, we placed our 'BB-' rating on Spanish bank NCG Banco on CreditWatch negative, following the announcement of its sale to a subsidiary of the Banesco group. Since NCG Banco's mortgage covered bond ratings currently benefit from the maximum elevation possible above our long-term rating on the issuer, a downgrade of the bank would directly lead to a downgrade of the mortgage covered bonds. We are therefore placing on CreditWatch negative our 'BBB+' ratings on NCG Banco's mortgage covered bonds. We expect to resolve the CreditWatch placement once the CreditWatch on the bank is resolved. MADRID (Standard&Poor's) Dec. 23, 2013--Standard&Poor's Ratings Services said today that it placed on CreditWatch with negative implications
