Moody’s lifted cédulas hipotecarias issued by Cajas Rurales Unidas (Cajamar Caja Rural, or CRU) out of junk territory yesterday (Monday), upgrading the mortgage covered bonds from Ba2 to Baa3 after the assignment of an unpublished Counterparty Risk (CR) assessment.

The rating agency said that Cajas Rurales Unidas SCC does not have a public rating but that the upgrade reflects the assignment of an initial, unpublished CR assessment.

“The covered bond anchor for the mortgage covered bonds is the CR assessment plus one notch,” it said. “This, with a Timely Payment Indicator (TPI) of Probable, restricts the rating of the mortgage covered bond at Baa3.”