A flood of ratings improvements from S&P for Spanish firms: Bankia, Mapfre, and state-owned Cores


The credit ratings agency Standard & Poor’s Global Ratings has begun to raise some Spanish companies’ ratings, which was expected after it improved its rating on the country from “BBB+/Positive” to “A-/Positive” on March 23.

In the case of Bankia (BKIA), S&P has improved the rating on its mortgage bonds from “A+” to “AA-“, maintaining a “positive” outlook.

The ratings agency has also modified its outlook for Mapfre (MAP) from “stable” to “positive”, confirming the issuer’s rating of “BBB+” at the same time.

And finally state-owned Cores, the Corporation for Strategic Reserves of Petroleum Products, has received an improved rating on a par with that of Spain.

Cores is a company subject to public regulation, but has a different legal status, operating according to private laws. Its activities are supervised by the central government, specifically by the Ministry for Energy, Tourism and Digital Agenda, so S&P considers it to be a government-dependent institution.

Cores is the Spanish firm in charge of maintaining the strategic stocks of petroleum products and controlling the stocks of petroleum and natural gas produts. It plays a key role in the hydrocarbons sector, contributing to guaranteeing the security of supply in the case there is a crisis in this area, as well as a source of information for the sector.