DBRS Assigns A (low), Neg. Trend to Banco Cooperativo Español’s Gov’t G’teed Debt

DBRS, Inc. (DBRS) has today assigned a rating of A (low) to the EUR 930.6 million 4.878% Senior Notes due 2 June 2014 (ISIN ES0313377048), the EUR 900.0 million 3.125% Senior Notes due 22 January 2015 (ISIN ES0313377030), the EUR 610.0 million Euribor 3 months + 2.00% Senior Notes due 27 March 2015 (ISIN ES0313377055), and the EUR 890.0 million Euribor 3 months + 2.50% Senior Notes due 27 March 2017 (ISIN ES0313377063) (the Notes) issued by Banco Cooperativo Español (BCE or the Group).

The A (low) rating on the Notes is based on the explicit guarantee provided by the Kingdom of Spain rated A (low), with a Negative trend. The rating of the Notes reflects the government’s ability to honor this guarantee as determined by DBRS’s rating of the sovereign. The trend on all long-term guaranteed ratings is Negative.

Note:
All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and SupportAssessments. Both can be found on the DBRS website under Methodologies.

The sources of information used for this rating include the DBRS rating of the Kingdom of Spain. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Roger Lister
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 19 December 2012
Most Recent Rating Update: 19 December 2012

For additional information on this rating, please refer to the linking document under Related Research.