Fitch gives Fondo de Reestructuracion bond BBB+

Fitch Ratings said it assigned Fondo de Reestructuracion Ordenada Bancaria's €520 million bond a long-term local currency rating of BBB+.

Fitch said the BBB+ rating reflects the explicit, irrevocable and unconditional guarantee provided by the Kingdom of Spain (BBB+/stable).

The €520 million bond will have a bullet maturity in April 2017 and final conditions were published in the Spanish official bulletin on April 13. The Bank of Spain will act as paying agent under an agreement dated Sept. 22, 2009. The bond issue is zero risk weighted and is European Central Bank repo-eligible.

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