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Announcements

 

10/14/2014 S&P rating action on Kutxabank’s Covered Bonds

S&P lowers the rating on Kutxabank’s mortgage covered bonds from AA- to A after applying a new rating criteria (RAS, Ratings Above The Sovereign Criteria). By this criteria, S&P considers covered bonds backed by mortgage assets as having a “moderate” sensitivity to country risk, and consequently the covered bonds can be rated a maximum of 3 notches above the rating sovereign. Kutxabank’s mortgage covered bond rating benefits from the maximum uplift possible above the long-term rating on the issuer due to the overcollateralization of Kutxabank's cover pool as well as its “low” ALMM risk.

 

06/30/2014 Fitch affirms Kutxabank at BBB, revises Outlook to Positive

Fitch has affirmed Kutxabank’s Long-Term Issuer Default Rating at BBB. The Outlook on the Long-Term IDR has been revised to Positive from Negative. The Outlook revision reflects Fitch’s view that the Long-term IDR could be upgraded due to Kutxabank's sound capitalisation and adequate funding and profitability.

 

06/11/2014 S&P changes Outlook on Kutxabank’s AA- mortgage covered bonds program rating to stable from negative 

S&P has changed to stable from negative the outlook on the AA- mortgage covered bond rating of Kutxabank. Kutxabank mortgage covered bond rating benefits from the maximum uplift possible above the long-term rating on the issuer due to the overcollateralization of Kutxabank's cover pool as well as its “low” ALMM risk. Therefore, this outlook change reflects S&P's 4th June decision of raising the outlook of the entity.

 

06/04/2014 S&P changes Outlook on Kutxabank’s BBB- ratings to stable from negative 

S&P has changed to stable from negative the outlook on the BBB- rating of Kutxabank, and concurrently affirmed its rating. This outlook change reflects last May S&P's decision to raise Spanish sovereign rating. The American Agency highlights that maintains a positive view on the trend of economic risk for the Spanish banking system.

 

05/29/2014 Moody’s changes Outlook on Kutxabank’s Ba1 ratings to negative from stable

Moody’s has changed to negative from stable the outlook on the Ba1 long-term senior debt and deposit ratings of Kutxabank, and concurrently affirmed its rating. This outlook change reflects Moody’s view that following the recent adoption of the Bank Recovery and Resolution Directive (BRRD), the legislation underlying the new resolution framework and the explicit inclusion of burden-sharing with unsecured creditors as a means of reducing the public cost of bank resolutions, the protection for banks' senior unsecured creditors has shifted to the downside.

 

04/01/2014 Moody’s changes Outlook on Kutxabank’s Ba1 ratings to stable from negative

Moody’s has changed to stable from negative the outlook on the Ba1 long-term senior debt and deposit ratings of Kutxabank, and concurrently affirmed its rating. This outlook change reflects Moody’s view that the downside risks to the bank’s standalone rating have diminished. Throughout the Spanish banking crisis and taking into account also the acquisition of Cajasur, Kutxabank has demonstrated capacity to generate capital organically, despite the strong provisioning effort in recent years. The outlook change reflects the combination of this track record and resilience of Kutxabank’s credit profile and the stabilising economic backdrop.

 

02/25/2014 Moody’s upgrades Kutxabank's Covered Bonds

Moody’s Investors Service has upgrade in one notch Kutxabank’s Covered Bond rating, to A2 from A3. This follows the upgrade of Spain’s country ceiling to A1 from A3, which was carried out by the upgrade of Spain’s government bond rating to Baa2 (positive outlook) from Baa3.

 

07/16/2013 Moody’s affirms Kutxabank rating 

Moody’s affirms Kutxabank’s issuer rating of Ba1/NP with Negative Outlook. The rating Agency considers that the quality of the financial group’s assets, its non-perfoming-loan rate and income-generating capacities are better than the average of the Spanish banking system. It emphasises also its adequate risk absorption capacity. The Negative Outlook reflects the recession on the Spanish economy, the short term low global growth expectations, the real estate crisis, the high unemployment rate and the banking crisis.

05/06/2013, Fitch rating action on Kutxabank

Fitch confirms Kutxabank´s issuer rating of BBB/F3 with Negative Outlook. The rating reflects its leading franchise in the Basque Country, a region whose economy has performed better than most others in Spain. This operating environment supports the resilience of earnings and asset quality. The Agency also highlights its large and stable of Customer Deposits. On the other hand, the Negative Outlook reflects Spain's weak economic environment, including high unemployment and lack of growth.

  
 

11/23/2012, S&P rating action on Kutxabank

S&P has confirmed kutxabank’s BBB-/ A-3 outlook negative rating, as part of a review of the Spanish financial sector, as a consequence of sovereign’s rating downgrade of the 16 of October. In a context of a higher economic risks faced by the Spanish banking industry, the Agency has revised down the starting point rating of the Spanish financial institutions to BB+ from BBB-. However, this minimum is higher for Kutxabank, reflecting its better balanced funding structure and the low reliance to the ECB funding, which provides a strong creditworthiness to deal with the effects of the current macroeconomic envinoment, so it maintains the rating at the same level as the sovereign.

 

10/18/2012, S&P rating action on Kutxabank´s Covered Bonds

S&P lowers the rating on Kutxabank’s mortgage covered bonds from AA to AA-, after the downgrade of the Sovereign rating of 11th of October. Kutxabank’s mortgage covered bond rating benefits from the maximum uplift possible above the long-term rating on the issuer (seven-notches) due to the overcollateralization of Kutxabank's cover pool as well as its “low” ALMM risk but, in line with S&P EMU criteria, Kutxabank’s mortgage covered bonds are currently capped six notches above the long-term rating on Spain. They have also placed the rating on CreditWatch negative to reflect that a further downgrade of Kutxabank’s rating by more than one notch will have a direct impact on the rating on the covered bonds, after the placement of Kutxabank’s rating on CreditWatch negative of 15th of October.

 

6/27/2012, Moody´s rating action on Kutxabank´s Covered Bonds

Moody’s lowers the rating on Kutxabank’s mortgage covered bonds, from Aa3 to A3. This rating downgrade follows the sovereign rating downgrade of 13 of June to Baa3 from A3, and consequently Moody’s lowered Spain’s country ceiling to A3.

 

5/10/2012, S&P rating action on Kutxabank´s Covered Bonds

S&P lowers the rating on Kutxabank’s mortgage covered bonds from AA+ to AA, after the downgrade of the issuer credit rating to BBB- from BBB which was a consequence of the sovereign rating downgrade of April. Kutxabank’s mortgage covered bond rating benefits from the maximum uplift possible above S&P’s long-term rating on the issuer (seven-notches) due to the overcollateralization of Kutxabank's as well as its “low” ALMM risk.

 

3/15/2012, S&P rates Kutxabank´s Covered Bonds

S&P assigns a rating of AA+ to Kutxabank’s mortgage covered bonds. The combination of the overcollateralization and a low ALMM classification enables the rating agency to assign the covered bonds the maximum rating uplift of seven notches above the long-term Kutxabank’s rating. The outlook is negative, reflecting that any further rating action on Kutxabank´s long term issuer credit rating would directly affect the rating assigned to the mortgage covered issued by the bank.
 

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