Scope Ratings has updated its rating report on mortgage-covered bonds issued by Bankia S.A., rated AAA with a Stable Outlook.

Cover pool quality continues to drive the rating. Fundamental credit factors also shield the Spanish covered bonds against adverse changes to the cover pool, limiting a potential downgrade.

The covered bond ratings reflect the strong credit support provided by the mortgage book, which mitigates cash flow mismatch and credit risk and lifts the ratings above Scope’s credit view of the issuer and the fundamental support factors.