(The following statement was released by the rating agency)
March 01 - Fitch Ratings has withdrawn Banco Popular Espanol's (BPE) cedulas hipotecarias' (mortgage covered bonds, CH) rating.
Fitch has withdrawn the ratings as BPE has chosen to stop participating in the rating process. Fitch expects it will lack sufficiently detailed information going forward to form a complete credit view under the covered bonds rating methodology. Accordingly, Fitch will no longer provide ratings or analytical coverage for BPE CH.
BPE's CH are currently rated 'AA-'/Rating Watch Negative (RWN). The RWN reflects the RWN on BPE's Long-term Issuer Default Rating and the recalculation of the over-collateralisation level supporting a given rating pending redetermination of refinancing costs and the receipt of a full and updated data set from the issuer (see "Fitch Takes Rating Actions on Spanish Covered Bond Programmes", dated 21 Feb 2012 at www.fitchratings.com). As such, the RWN on the CH rating cannot be resolved.