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Announcements

 

03/19/2024 Moody’s revised to positive the outlook of Kutxabank's rating

Moody's rating agency has upgraded Kutxabank S.A.'s rating outlook to positive from stable. The rating action was prompted by improved operating and credit conditions in Spain, which have led to the upgrade of the macro profile of the country to Strong from Strong-. The rating action also reflects the change to positive from stable of the outlook on Spain's Baa1 government bond rating. Although Kutxabank's current creditworthiness points to a higher standalone financial profile, Moody's limits its BCA to the level of Spain's sovereign rating, so it is likely to be upgraded in the event of an upgrade of Spain's rating, provided its creditworthiness does not deteriorate. The rating agency values Kutxabank's strong capital position, sound earnings generation capacity and its good asset risk profile enhanced by ample provisioning levels which will allow it to face with guarantees the improvement in the operating environment in which the bank carries out its activity. In addition, it also takes into account its comfortable funding and liquidity position underpinned by Kutxabank's large and granular retail deposit base.

01/19/2024 DBRS upgrades Kutxabank Group rating

Morningstar DBRS rating agency has upgraded Kutxabank Group's rating. The agency has upgraded Kutxabank's long-term rating to A and assigned it a stable outlook. The agency highlights Kutxabank's leadership in its natural areas of activity, the low level of credit risk, the strength of its asset quality and its solvency. It also announced the upgrade of Cajasur Banco, S.A.U.'s rating.

 

 

12/01/2023 Kutxabank remains the bank with the lowest capital requirement according to the ECB

Kutxabank will have to comply with a capital requirement of 1.20% in 2024, the same as in the last six years, which in 2023 made it the bank with the lowest capital requirement in the Spanish financial system and the third lowest in Europe. Its CET1 ratio and total solvency ratio in the phased version are above 17.5%, more than double the CET1 required by the regulator. These capital ratios are well above the requirements described above, so there are no restrictions on the payment of dividends or variable remuneration.

 

06/05/2023 DBRS assigned AAA ratings to the Cédulas Hipotecarias issued under the Kutxabank Covered Bonds programme

DBRS Ratings assigned AAA ratings to the Cédulas Hipotecarias (CH or Spanish Mortgage Covered Bonds) issued under the Kutxabank Covered Bonds programme. The ratings reflects the Strong protection that the current legislation gives CB holders as well as the quality of the assets that are part of the Cover pool.

Spanish CBs are backed by a specific portfolio of assets selected by the Issuer. As of 31 March 2023, the Cover Pool mainly comprised residential mortgage loans (93.4%), with the remaining part of the portfolio (6.6%) corresponding to liquid assets to cover the net liquidity outflow of the CB programme over the next 180 days. The mortgage pool is relatively geographically diversified, with higher concentrations in regions with a higher per capita income as in the Basque Country (44.5%), Madrid (26.9%), and Catalonia (12.4%). The CP has a weighted-average (WA) seasoning of 60 months and a WA remaining term of 259 months. No loans are in arrears.

The rating agency has taken into account in its analysis the Spanish legislation on covered bonds, the resolution regulations applicable in Spain and in the European Union, as well as the resolution regulations applicable in Spain and in the European Union, as well as the specific aspects of the issuer's bond program.

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03/25/2022 S&P changes Outlook on Kutxabank’s AA+ Mortgage Covered Bond Program to stable following similar action on Spain, ratings Affirmed

On March 18, 2022, S&P revised to stable from negative Spain outlook. Kutxabank’s mortgage covered bonds rating benefits from the maximum uplift possible above the sovereign rating, if the Covered bonds have sufficient overcollateralization to withstand a sovereign default, meeting Kutxabank these conditions. As a result of the above, S&P revised the Outlook to stable from negative on its AA+ ratings on Kutxabank’s mortgage covered bond program following the action on its unsolicited long-term rating on Spain.

 

2021

10/08/2021 Moody's upgrades Kutxabank's deposit ratings to Baa1; outlook changed to positive

Moody's upgrades Kutxabank Group's deposit rating to Baa1, improving also the outlook from stable to positive. The recent issuance of Senior Non Preferred debt has resulted in the improvement of the deposit rating. On the other hand, the agency highlights the diversification of income from its insurance and asset management business, the strength of its capital, and the good evolution of asset quality to improve the rating outlook.

 

02/26/2021 Fitch affirms Kutxabank at BBB+/bbb+, revises outlook to stable

Fitch Ratings has revised Kutxabank S.A.'s (Kutxabank) Outlook to Stable from Negative, while affirming the bank's Long-Term Issuer Default Rating (IDR) at 'BBB+' and Viability Rating (VR) at 'bbb+'.The Outlook revision reflects Fitch’s view that Kutxabank's ratings have sufficient capital headroom to absorb risks, including the shocks that could result in a more adverse economic scenario. In Fitch baseline scenario it expects asset quality pressures to be contained, based on the bank's low risk appetite and focus on retail mortgage loans.

 

Kutxabank Seguros

 

12/16/2021 Announcement regarding Kutxabank Vida y Pensiones' Dividend Distribution Policy

Kutxabank Vida y Pensiones SAU, with the prior authorization of the Directorate General of Insurance and Pension Funds, has distributed during the current fiscal year to its sole shareholder dividends charged against end-of-November 2021 results (40% pay-out), as well as an extraordinary dividend charged to unrestricted reserves.

It is hereby stated that the decision to distribute the aforementioned dividends is based on an exhaustive and reflective analysis of the insurance company's situation. This decision does not compromise the future solvency or the protection of the interests of policyholders and insured parties, and is made in the context of the recommendations of the supervisors in this matter.

 

12/16/2021 Announcement regarding Kutxabank Aseguradora's Dividend Distribution Policy

Kutxabank Aseguradora SAU, with the prior authorization of the Directorate General of Insurance and Pension Funds, has distributed during the current financial year to its sole shareholder, dividends charged against end-of-November 2021 results (80% pay-out), as well as an extraordinary dividend charged to unrestricted reserves.

It is hereby stated that the decision to distribute the above dividends is based on an exhaustive and reflective analysis of the insurance company's situation. This decision does not compromise the future solvency or the protection of the interests of policyholders and insured parties, and is made in the context of the recommendations of the supervisors in this matter.

 

10/07/2021 Announcement regarding Kutxabank Vida y Pensiones' Dividend Distribution Policy

Kutxabank Vida y Pensiones SAU, with the prior authorization of the Directorate General of Insurance and Pension Funds, has distributed during the current fiscal year to its sole shareholder dividends charged against end-of-August 2021 results (40% pay-out).

It is hereby stated that the decision to distribute the aforementioned dividends is based on an exhaustive and reflective analysis of the insurance company's situation. This decision does not compromise the future solvency or the protection of the interests of policyholders and insured parties, and is made in the context of the recommendations of the supervisors in this matter.

 

10/07/2021 Announcement regarding Kutxabank Aseguradora's Dividend Distribution Policy

Kutxabank Aseguradora SAU, with the prior authorization of the Directorate General of Insurance and Pension Funds, has distributed during the current fiscal year to its sole shareholder dividends charged against end-of-August 2021 results (80% pay-out).

It is hereby stated that the decision to distribute the aforementioned dividends is based on an exhaustive and reflective analysis of the insurance company's situation. This decision does not compromise the future solvency or the protection of the interests of policyholders and insured parties, and is made in the context of the recommendations of the supervisors in this matter.

 

2020

12/15/2020 MREL requirements

Kutxabank has received from the Bank of Spain the formal communication regarding the minimum requirement for own funds and eligible liabilities (MREL), which has been established by the Single Resolution Board (SRB). According to this decision, from the 1st January 2024 Kutxabank must maintain an amount of own funds and eligible liabilities at consolidated levels of at least 17.10% to its Total Risk Exposure Amount (TREA) and of 5.27% to its Leverage Risk Exposure (LRE). Additionally, a binding intermediate target of 16.59% to TREA and 5.27% to LRE as of 1st January 2022 has been set in the said communication. These requirements are aligned with the funding plan managed by the Group.

 

09/25/2020 S&P changes Outlook on Kutxabank’s AA+ mortgage covered bonds program rating to negative from stable following similar action on Spain 

On September 18, 2020, S&P revised to negative from stable Spain outlook. Kutxabank’s mortgage covered bonds rating benefits from the maximum uplift possible above the sovereign rating, if the Covered bonds have sufficient overcollateralization to withstand a sovereign default, meeting Kutxabank these conditions. As a result of the above, S&P revised the Outlook to negative from stable on its AA+ rating on Kutxabank’s mortgage Covered bond program following the action on its unsolicited long-term rating on Spain.

 

04/07/2020 S&P affirms Kutxabank at BBB/A-2, revises outlook to stable

S&P affirmed Kutxabank’s ‘BBB/A-2’ long- and short-term issuer credit ratings and ‘BBB-‘ issue rating on senior nonpreferred debt. The outlook on Kutxabank has been revised from positive to stable. This outlook revisión reflects the sharp economic downturn S&P anticipates for Spain in 2020 derivated from the lockdown measures undertaken to contain the Covid-19 pandemic. The rating agency considers that this will harm Kutxabank’s credit quality and weigh on its earnings limiting the possibility of an upgrade over the outlook horizon. Even so, S&P thinks that Kutxabank’s solid capital, comfortable liquidity, and conservative risk profile will enable it to weather the economic shock.

 

03/20/2020 Fitch Affirms Kutxabank at ‘BBB+’ and Rates Deposits ‘A-’

Fitch Ratings has affirmed Kutxabank, S.A.’s Long-Term Default Rating (IDR) at ‘BBB+’ and Viability Rating (VR) at ‘bbb+’. The Outlook on the Long-Term IDR is Stable. At the same time, Fitch has assigned Kutxabank deposit ratings at ‘A-’/’F2’.

 

2019

10/04/2019 S&P ugrades Kutxabank's Cédulas Hipotecarias to AA+, with stable outlook

S&P today raised the rating of the Kutxabank's Covered Bonds from AA to AA+ (stable outlook), following the 09/20/2019 upgrade of Spain to A. The new rating of the Kutxabank´s Cédulas continues to maintain the maximum number of notches of uplift above the sovereign rating.

 

07/19/2019 S&P ugrades Kutxabank's Cédulas Hipotecarias to AA, with positive outlook

S&P today raised the rating of the Kutxabank's Covered Bonds from AA- to AA (positive outlook), as a result of Kutxabank’s commitment to maintain a minimum level of overcollateralization in its covered bonds.

 

2018

04/17/2018 Moody’s upgrades Kutxabank's Covered Bond rating to Aa1

Moody’s Investors Service has today upgraded the Counterparty Risk (CR) Assessment of Kutxabank to A3 from Baa1, following the 04/13/2018 upgrade of Spain to Aa1. Which has also led to an upgrade of Kutxabank’s Covered Bonds rating to Aa1 from Aa2, since Kutxabank’s Covered Bond rating was restrained by the country ceiling.

 

03/27/2018 S&P ugrades Kutxabank's Cédulas Hipotecarias to AA-, with positive outlook

S&P today raised the rating of the Kutxabank's Covered Bonds from A+ to AA- (positive outlook), following the 03/23/2018 upgrade of Spain to A-. The new rating of the Kutxabank´s Cédulas continues to maintain the maximum number of notches of uplift above the sovereign rating.

 

03/22/2018 Moody's upgrades Kutxabank's ratings

Moody's Investors Service has today upgraded Kutxabank's deposit ratings to Baa2/Prime-2 from Baa3/Prime-3 and the bank's baseline credit assessment (BCA) and adjusted BCA to baa2 from baa3. The outlook on the long-term deposit ratings is stable. As part of today’s rating action Moody’s has also affirmed Kutxabank’s Counterparty Risk Assessment (CR Assessment) at Baa1(cr)/Prime-2(cr). The upgrade of Kutxabank's reflects the bank's improved credit fundamentals, notably in terms of asset risk and capital while operating revenues have remained resilient despite ongoing profitability headwinds.

 

2017

09/26/2017 S&P upgrades Kutxabank's rating

S&P has  upgraded  Kutxabank's long-term rating to BBB from BBB- and has improved its short term rating to A-2 from A-3, maintaining the positive outlook. The improvement its underpinned by the strength of the Kutxabank Group in terms of risk metrics, its strong liquidity position and, above all, the capital improvement following to the equity portfolio resizing. The Agency also highlights, the strenght of the Kutxabank’s franchise and its profitability stability.

 

05/10/2017 Moody's upgrades Kutxabank's ratings

Moody's rating Agency has reviewed the macroeconomic profile and operating environment of the Spanish financial system. As a result, the Agency has upgraded Kutxabank's deposit rating to Baa3 / Prime-3 from Ba1 / Not Prime, as well as senior long-term debt ratings to Baa3 from Ba1. The rating outlook remains positive. The rating upgrade is based on the improvement of the Baseline Credit Assessment (BCA), supported by the bank's improving asset risk trends, as well as its strong capital buffers and sound liquidity position. 

 

04/07/2017 Fitch upgrades Kutxabank’s rating to BBB+, outlook stable

Fitch international rating agency has upgraded Kutxabank's long-term rating to BBB +. The Agency has also upgraded the viability rating from bbb to bbb+ and the short-term rating from F3 to F2. Fitch highlights the great loss-absorbing capacity, the improvement in asset quality indicators and the good liquidity position maintained by the banking group. Likewise, it values favourably the reduction of its position in the equity portfolio that it considers currently more appropriate to its level of capital.

 

04/07/2017 S&P revised to positive the outlook of Kutxabank's rating covered bond program 

S&P revised its outlook on Kutxabank’s covered bond program and related issuances ("cédulas hipotecarias") to positive from stable, following their March 31, 2017 outlook revision on Spain.

 

03/15/2017 Moody’s revised to positive the outlook of Kutxabank's rating

Moody's Investors Service has today affirmed Kutxabank, S.A.'s long-term deposit and senior debt ratings at Ba1 and changed the outlook on these ratings to positive from stable reflecting the positive pressure that could develop on Kutxabank's ratings if the improving trend observed on the bank's credit fundamentals -- namely asset risk and capital -- continues over the next 12-18 months.

 

02/09/2017 S&P revised to positive the outlook of Kutxabank's rating  

S&P Revised to positive the outlook on the long-term rating on Kutxabank S.A affirming its long- and short-term rating. This rating actions take into account that Spanish banks now face lower economic risks. S&P considers that the Spanish banking sector has largely absorbed the credit costs of the bursting of the real estate bubble and the deep economic recession that followed. As a result, the rating agency expects any remaining provisioning impact from the correction of previous imbalances to be limited. The positive outlook on Kutxabank indicates the possibility of an upgrade over the next 12-24 months if Spain's economic and operating environment becomes more supportive, ultimately resulting in a strengthening of the bank's creditworthiness and therefore a higher anchor for Spanish banks. 

 

2016

05/05/2016 Fitch affirms Kutxabank rating at BBB, positive outlook
 

Fitch has affirmed Kutxabank Long-term Issuer Default Rating at BBB, with Positive Outlook, and Viablility Rating at bbb, as well as affirmed the bank’s Short-term rating at F3, reflecting Kutxabank’s robust loss-absorption capacity, improving asset quality, adequate funding and liquidity position and its leading regional retail franchise coupled with a strong asset management business. The Positive Outlook reflects that there is some upside Viability Rating potential.
 

04/28/2016 Moody’s upgrades Kutxabank’s rating to Ba1, outlook stable

Moody’s upgrades Kutxabank’s long-term deposit and senior debt rating to Ba1 from Ba2. Additionally the rating agency has also upgraded Kutxabank’s baseline credit assessment (BCA) to ba1 and subordinated debt to Ba2. Counterparty Risk Assessment is upgraded to Baa2 from Baa3. This rating action reflects the improvement of Kutxabank’s credit fundamentals, particularly in terms of asset risk and capital. Kutxabank has improved sustainably its asset risk metrics. Moody’s has also taken into account for the upgrade Kutxabank’s improved capital buffers, which stand amongst the highest of Spanish banks, with the regulatory common equity tier 1 (CET1) ratio increasing to 14.6% at end-December 2015 (Fully-loaded CET1: 14.3%).

 

2015

10/13/2015 S&P upgrades Kutxabank's Cédulas Hipotecarias rating

S&P upgrades Kutxabank's Cédulas Hiptecarias rating from A to A+, following the sovereign rating upgrade on the 2nd October. The rating is limited to 3 notches uplift above the sovereign (BBB+).

 

06/18/2015 Moody's upgrades Kutxabank's Covered Bonds

Moody's upgrades the rating of Kutxabank Cédulas Hipotecarias (Spanish Covered Bonds) to Aa2, following the assignment of Counterparty Risk (CR) Assessment.

 

06/18/2015 Credit rating assignment by Moody´s

Moody’s, in the framework of a general review of financial institutions ratings, in light of its new banking methodology, assigns a Ba2 to Kutxabank's Long-term senior debt, a Ba2 to its deposits and a Baa3 to its Counterparty Risk Assessment.

 

03/17/2015 Moody's reviews global bank ratings

Moody´s announces multiple rating actions following the publication of its new bank rating methodology. This rating action affects 1,021 entities out of 1,934 all over the world, reflecting the expected lowered likelihood of government support for European banks in light of the introduction of the Bank Recovery and Resolution Directive (BRRD). Moody´s places Kutxabank´s Long Term senior unsecured rating and Deposits rating under review for downgrade (Ba1, RuR down).

 

2014 

12/2/2014 Moody's changes outlook on Kutxabank's standalone ratings to positive

Moody's says that the change in the outlook of the bank's standalone ratings stems primarily from the bank's improving risk-absorption capacity. The bank's transitional Common Equity Tier 1 (CET1) ratio stood at 12.9% in Q3 2014, whilst the leverage ratio reached 7.4%, the highest among Spanish banks. Moody's has also taken into account Kutxabank's demonstrated capacity to generate capital from internal resources throughout the Spanish banking crisis.

 

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.

 

2013

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.
 

2012

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.
 

© Kutxabank 2012

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