Various Rating Actions Taken On 11 Spanish Mortgage Covered Bond Programs Following Application Of Revised Criteria

OVERVIEW We have reviewed our ratings on 11 Spanish mortgage covered bond programs under our revised covered bonds criteria published on Dec. 9, 2014. We are consequently raising our ratings on two programs by two notches, raising our ratings on two programs by one notch, and affirming our ratings on seven programs. The outlooks on the programs with ratings that we cap under our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating are stable, reflecting our stable outlook on Spain. The outlooks on programs where we don't cap the ratings based on the sovereign rating reflect our view of the issuer's creditworthiness. MADRID (Standard&Poor's) Feb. 5, 2015--Standard&Poor's Ratings Services said today that it

...OVERVIEW + We have reviewed our ratings on 11 Spanish mortgage covered bond programs under our revised covered bonds criteria published on Dec. 9, 2014. + We are consequently raising our ratings on two programs by two notches, raising our ratings on two programs by one notch, and affirming our ratings on seven programs. + The outlooks on the programs with ratings that we cap under our criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating are stable, reflecting our stable outlook on Spain. + The outlooks on programs where we don't cap the ratings based on the sovereign rating reflect our view of the issuer's creditworthiness. MADRID (Standard & Poor's) Feb. 5, 2015--Standard & Poor's Ratings Services said today that it has completed its review of its ratings on 11 Spanish mortgage covered bond programs by applying its revised criteria for rating covered bonds (see "Covered Bonds Criteria," published Dec. 9, 2014, on RatingsDirect). As a result,...

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