S&P slashes multi-cédulas by up to nine notches
Standard & Poor’s left Spain’s multi-cédulas strewn across the investment grade spectrum on Monday, downgrading 47 transactions totalling €103bn from AAA to between AA+ and BBB-. Nine notch downgrades are unprecedented in the covered bond market, and the rating action leaves gaps of up to six notches between the ratings of S&P, Fitch and Moody’s on the same transaction.
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