Rating upgrade boosts Kutxabank ahead of covered bond maturities

Kutxabank_FIG_Alamy_230x150
By Tyler Davies
22 Jul 2019

Standard and Poor’s has upgraded its ratings for covered bonds issued by Kutxabank, as the Spanish lender looks ahead to a series of redemptions over the course of the next year.

S&P upgraded Kutxabank’s covered bonds to AA from AA- and kept them on a positive outlook.

Kutxabank said that the rating agency had credited its “commitment to maintain a minimum level of overcollateralisation in its covered bonds”.

The Spanish savings bank has €4bn of encumbered collateral versus €8.4bn ...

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