S&P could lift Global Bank

Standard & Poor's said it placed its BBB- rating on Global Bank Corp.'s $200 million 2012-1 notes under its covered bond program on CreditWatch positive.

S&P said the CreditWatch positive placement follows the March 18 raising of its issuer credit rating on the bank to BBB- from BB+.

While the agency views the upgrade of the bank's credit rating as positive for the covered bond notes, the transaction also depends on HSBC Investment Corp., a subsidiary of HSBC Bank (Panama) SA, because the guarantee trust that holds the cover pool resides in this bank.

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