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Fitch cuts IM Cédulas Popular despite cash collateral
Fitch downgraded IM Cédulas 1 Grupo Banco Popular’s mortgage backed covered bonds from AAA to AA, on stable outlook, yesterday (Thursday) because of a downgrade of Banco Popular Español’s rating from AA- to A.
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Kommunalkredit covered lowered, more possible
Moody’s cut public sector-backed covered bonds issued by Kommunalkredit Austria from Aaa to Aa1 today (Friday) and placed them on review for further possible downgrade while it assesses a proposal from the issuer to increase “committed” overcollateralisation levels.
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Cédulas TDA affirmed 14 despite Caja Madrid cuts
Fitch affirmed Cédulas TDA 14 at AAA, on stable outlook, yesterday (Thursday), in spite of a downgrade last week of Caja Madrid and its cédulas hipotecarias, to which Cédulas TDA 14 is heavily exposed.
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S&P affirms Alpha’s covered bonds at A-
Standard & Poor’s affirmed Alpha Covered Bond programme at A-, on negative outlook, on Wednesday, and removed it from CreditWatch negative.