Spain

Standard & Poor’s downgrade of Natixis from AA-/A-1+ to A+/A-1 at the end of October does not affect the ratings on the notes issued in six Spanish structured covered bond transactions where it is liquidity provider, the rating agency said on Wednesday.

Rating action: Moody’s on Friday placed on review for possible downgrade the Aaa rating of Caja de Burgos’s cédulas hipotecarias.

Fitch Ratings on Tuesday said that it is updating its criteria for rating multi-issuer cédulas hipotecarias transactions and will release its new version in the first quarter of next year.

Banco Guipuzcoano is issuing a Eu300m three year fixed rate cédulas hipotecarias, which is believed to be its first stand-alone covered bond.

In brief: AyT Cédulas Cajas Global XX has been filed with the Comisión Nacional del Mercado de Valores.

Moody’s yesterday (Monday) affirmed the Aaa rating of Cédulas TDA 5, FTA.

Banque AIG has taken action to remedy the rating trigger breach it committed in the middle of October as Liquidity Facility Provider under the liquidity facility agreement in Cédulas TDA 5, FTA.

Société Générale increased Caisse de Refinancement de l’Habitat’s 4% April 2018 issue by Eu150m this (Friday) morning in a rare glimpse of real money-driven supply in the covered bond market. JP Morgan also privately placed two deals for Bancaja earlier this week.

Banque AIG on Friday breached a Moody’s rating trigger in its role as liquidity facility provider for Cédulas TDA 5, FTA. However, the cédulas ratings have so far remained untouched by the breach.

Moody’s today (Thursday) assigned definitive Aaa long term ratings to the outstanding cédulas hipotecarias issued by Cajamar - Caja Rural, Sociedad Cooperativa de Credito.

Moody’s on Friday put the Aaa ratings of Dexia Sabadell’s cédulas territoriales on review for possible downgrade after cutting the bank’s long term rating from Aa2 to A2 and putting this on review for possible downgrade.

Spanish banks will be resilient to the global financial crisis, but the country’s economy faces painful adjustment. That was the message from speakers at Euromoney’s Spain in the Capital Markets conference in Madrid on Tuesday, where the fate of the country’s savings banks and their covered bonds also proved controversial.