Moody’s put on review for upgrade the ratings of 37 multi-cédulas on Friday following the introduction of Counterparty Risk (CR) assessments to its methodology.

The rating agency last Monday announced it is to switch its reference point for covered bond anchors to a new CR assessment, which it is introducing as part of wider changes to its bank rating methodology.

The 37 Spanish multi-issuer covered bonds – from AyT Cédulas Cajas, Cédulas TDA, Intermoney and PITCH programmes as well as Cédulas Grupo Banco Popular 3 – are on review for upgrade because Moody’s expects the majority of covered bond anchors derived from the CR assessments of the issuers to end above current anchors after the review process.

One subordinated loan, from AyT Cédulas Cajas, was also placed on review for upgrade.

The rating actions also take into account rating constraints arising from Spain’s Aa2 country ceiling and the Timely Payment Indicator (TPI) framework for multi-cédulas, the rating agency said.

On Tuesday 69 European covered bond programmes as well as those of Bank of America and Panama’s Global Bank were also accordingly put on review for upgrade by Moody’s.

The reviews of the 67 multi-cédulas and subordinated loan are expected to conclude in the first half of 2015.