Moody's gives B1 to Ibercaja securities

Moody's Investors Service said it assigned a B1(hyb) rating to the €350 million additional tier 1 non-viability contingent capital securities to be issued by Ibercaja Banco SA.

“The B1(hyb) rating assigned to the notes is based on Ibercaja's stand-alone creditworthiness as expressed by the bank's ba1 adjusted baseline credit assessment (BCA); the high loss given failure of these deeply subordinated securities under Moody's advanced loss given failure (LGF) analysis, resulting in one notch downward adjustment from the BCA; and the higher payment risk associated with the non-cumulative coupon skip mechanism, resulting in a further two notches of downward adjustment,” the agency said in a press release.

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