S&P raises, affirms ratings on Madrid RMBS II Spanish notes

S&P raises, affirms ratings on Madrid RMBS II Spanish notes

S&P Global Ratings Adjusts Spanish RMBS Tranches Amid Ongoing Review

S&P Global Ratings has recently taken rating actions across multiple Spanish residential mortgage-backed securities (RMBS) tranches, reflecting ongoing assessments of credit quality and risk profiles. While specific details on Madrid RMBS II notes were not explicitly outlined in the latest updates, several related tranches have seen rating adjustments, indicating broader sector activity.

In recent regulatory filings, S&P upgraded the ratings of BBVA RMBS 2 Class C and IM Pastor 2 Classes C and D Spanish RMBS, citing improved underwriting standards and reduced delinquency rates in the underlying loan portfolios. According to another filing, S&P also upgraded ratings on certain Spanish RMBS tranches. Additionally, ratings on MADRID RMBS I's Class A2 and B notes were raised, attributed to stronger collateral performance and enhanced loss mitigation measures. These actions align with S&P's broader review of Spanish RMBS, where updated assumptions about housing market stability and borrower repayment capacity are being incorporated.

The agency has also affirmed ratings on select tranches, emphasizing that while credit fundamentals remain mixed, structural protections and servicer interventions continue to support long-term performance. Investors are advised to monitor regional economic indicators, including unemployment trends and housing price volatility, which remain key variables for future rating decisions.

No further details were provided on Madrid RMBS II at this time. Market participants are encouraged to consult S&P's official publications for granular analysis of specific transactions.

This article is based on publicly available regulatory filings from S&P Global Ratings. All rating actions are subject to ongoing review and market conditions.