Madrid, July 02, 2014 -- Moody's Investors Service has today downgraded to Ba2 from Ba1 on review for downgrade the mortgage covered bonds issued by NCG Banco S.A. (deposits Caa1 negative, bank financial strength rating (BFSR) E /adjusted baseline credit assessment (BCA) caa2), following the rating agency's decision to downgrade the issuer's respective bank ratings.

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