Fitch revised the outlooks on three Spanish covered bond programmes from negative to stable and affirmed their ratings today (Monday) after positive rating actions on the sovereign and eight Spanish banks earlier this month.

The affected cédulas programmes and their ratings are: Banco Santander cédulas hipotecarias, A; Caja Laboral Popular Cooperativa de Crédito (CLCC) cédulas hipotecarias, A-; and Cajas Rurales Unidas Sociedad Cooperativa de Crédito (CRU), cédulas territoriales, BBB.

The rating actions come after Fitch on 1 November affirmed Spain at BBB and revised the outlook from negative to stable, and then affirmed eight Spanish banks’ ratings and revised their outlooks in the same way. This included Banco Santander and CLCC.

The change in the sovereign outlook was behind the rating action on CRU’s covered bonds because of the cover pool’s exposure to public sector debt, said Fitch.