Bankia S.A.’s AAA/ Stable covered bond ratings reflect the strong cover pool support resulting from a generous overcollateralisation of 155.7% as of 31. March 2019. Ratings are fundamentally anchored at the bank’s issuer rating of BBB+/ stable, and could be further enhanced by up to nine notches of cover pool support. Reflecting the BBB+ issuer rating, only seven notches of cover pool support are needed to support the highest ratings, effectively providing a buffer against a deterioration of the cover pools credit quality by up to two notches. Fundamental credit factors provide a credit support of up to six notches shielding the ratings against a deterioration of the cover pools credit quality. Maturity mismatches drive the rating-supporting overcollateralisation.

On 12 July 2019, Scope affirmed the covered bonds at AAA/Stable. Click here for the corresponding press release.

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