OVERVIEW We took positive rating actions on five Spanish banks on June 4, 2014, which have covered bond programs that we rate, and upgraded Spain on May 23, 2014, due to more favorable economic conditions. We are therefore revising our outlook on CaixaBank S.A.'s mortgage covered bonds (cédulas hipotecarias [CHs]) to positive from stable, and on Kutxabank S.A.'s CHs to stable from negative. We are also upgrading the CHs of Bankinter S.A., Deutsche Bank S.A.E., and Banco Bilbao Vizcaya Argentaria S.A. (BBVA) by one notch, as well as the public sector covered bonds (cédulas territoriales [CTs]) of BBVA. At the same time, we are placing BBVA's CHs on CreditWatch with positive implications as current overcollateralization levels could be commensurate with
