Newly formed Banca Civica bonds rated

Moody's has assigned covered bond ratings to the newly formed Spanish Banca Civica, which is the merger of Caja de Burgos, Caja Navarra, Caja Canarias and Cajasol completed on June 21. The mortgage backed covered bonds are rated A1 and are under review for downgrade. The public sector covered bonds are rated Aa3 and also on review for a downgrade.