Moody’s downgraded three multi-cédulas series and upgraded one yesterday (Thursday) following updates on Spanish bank ratings and cover pool information.

Cédulas TDA 2 and Programa Cédulas TDA Series A4 were downgraded from A3 to Baa1, while AyT Cédulas Cajas VIII Sub-Loan B was downgraded from B3 to Caa1.

The downgrade follows downgrades of some of the underlying cédulas issuers since Moody’s last review in October 2012, said the rating agency.

Cédulas TDA 21 was upgraded from Ba1 to Baa3. The upgrade follows a multi-notch upgrade of the credit rating of the weakest participant in the series after its acquisition by a stronger entity, said Moody’s.