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Bankia S.A.U. Assigned 'A-/A-2' Ratings; BFA Ratings Lowered; Caja Madrid Ratings Withdrawn May 11
Standard & Poors, May 2011
Abstract
In June 2010, seven Spanish savings banks decided to integrate to form a new financial group. On May 23, 2011, the savings banks legally completed the transfer of all their assets to Banco Financiero y de Ahorros S.A. (BFA) and subsequently from BFA to Bankia S.A.U. (Bankia). Bankia has become the main operating entity of the new group, while BFA will operate as a quasi-holding company. We believe that Bankia has high systemic importance within the Spanish financial sector. We are assigning 'A-/A-2' ratings to Bankia and lowering our ratings on BFA to 'BBB-/A-3' from 'A-/A-2'. MADRID (Standard & Poor's) May 30, 2011--Standard & Poor's Ratings Services said today that it took the following rating actions: We assigned 'A-/A-2' long-...
Companies mentioned in this report are: Banco Financiero y de Ahorros S.A.,Caja de Ahorros y Monte de Piedad de Madrid,Bankia S.A.U.
Action: Downgraded
Action: New Rating
Action: Withdrawn
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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