Various Actions On Spanish Covered Bonds On Revised Spanish RMBS And Ratings Above The Sovereign Criteria

OVERVIEW On Sept. 18, 2014, we published our revised criteria for rating Italian and Spanish RMBS and our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. We have finished our review of our ratings on 10 Spanish covered bond programs under the revised criteria. As a result, we are downgrading four mortgage programs, upgrading one public sector program, and affirming four mortgage programs, while another program remains on CreditWatch with positive implications. At the same time, we are removing our "under criteria observation" identifier from all these programs, which we had added on Sept. 18, 2014. For the programs that are capped by our criteria for rating above the sovereign, the outlooks reflect the current stable outlook

...OVERVIEW + On Sept. 18, 2014, we published our revised criteria for rating Italian and Spanish RMBS and our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. + We have finished our review of our ratings on 10 Spanish covered bond programs under the revised criteria. + As a result, we are downgrading four mortgage programs, upgrading one public sector program, and affirming four mortgage programs, while another program remains on CreditWatch with positive implications. + At the same time, we are removing our "under criteria observation" identifier from all these programs, which we had added on Sept. 18, 2014. + For the programs that are capped by our criteria for rating above the sovereign, the outlooks reflect the current stable outlook on Spain. For programs not capped by these criteria, the outlooks reflect the issuer's outlook or our view of the issuer's creditworthiness. MADRID (Standard & Poor's) Oct. 14, 2014--Standard & Poor's Ratings...

Ratings Action