OVERVIEW As part of our surveillance, we have reviewed our ratings on Spanish Bank CaixaBank S.A.'s (CaixaBank) mortgage covered bond program and related issuances. In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. We are therefore affirming our 'AA-' rating on the program and related issuances. The negative outlook on the covered bonds reflects those on CaixaBank and on Spain. MADRID (Standard&Poor's) Nov. 5, 2013--Standard&Poor's Ratings Services today affirmed its 'AA-' ratings on the mortgage covered bond program of Spanish bank CaixaBank S.A. (CaixaBank; BBB-/Negative/A-3) and the covered bonds ("cédulas hipotecarias") issued under the program. The outlook is negative. Under our criteria for rating covered bonds, the ratings
