Eight programmes under S&P spotlight

S&P has placed eight covered bond programmes on CreditWatch negative following its decision on December 5 to place the sovereign ratings of 15 eurozone countries on review for downgrade. A two notch downgrade of France’s sovereign rating may mean a loss of triple A ratings for the public sector bonds of Crédit Mutuel Arkéa, Dexia Municipal Agency and Société Générale; all three programmes are on CreditWatch negative.