Banco Espirito Santo's covered bonds assigned expected 'AAA' rating - Fitch |
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Tue, 20 Nov 2007 13:33
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MUMBAI (Thomson Financial) - Fitch Ratings said it has assigned Banco Espirito Santo's Series 1 covered bonds an expected 'AAA' rating.The company currently has a 'A+/F1' rating with a stable outlook.BES's first series of Obrigacoes Hipotecarias (OH, the mortgage covered bonds) will be issued under a 10 bln eur programme and will have a size of up to 1.5 bln eur, Fitch added.The rating agency said it has assigned BES's mortgage covered bonds a discontinuity factor of 7.8 pct, as a measure of the likelihood of interruption of payments on the covered bonds at the time of a default of BES.Combined with BES's long-term issuer default rating (IDR) of 'A+', the D-factor enables Fitch to assign BES's OH an expected rating of up to 'AAA' on a probability of default basis, the agency said.BES is Portugal's third-largest banking group, with an average market share of around 20 pct in the Portuguese banking market.TFN.newsdesk@thomson.comnpr/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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BCP's series 2 mortgage covered bonds assigned final 'AAA' rating - Fitch 