S&PCORRECT: Spain Banking Industry Country Risk Assessment Revised To Group 4 From Group 3 On Heightened Economic Risk Oct 11

Standard & Poors, October 2011

Abstract
Spain's economy faces lower growth prospects in the near term, activity in the real estate market remains depressed, and turbulence in the capital markets has heightened since the summer. We expect the correction of imbalances in Spain to continue to have a negative impact on the financial profiles of Spanish banks in the next 15-18 months, which is longer than the three-year timeframe that we had originally considered for the financial system to absorb the impact of a downward economic cycle. We are revising our Banking Industry Country Risk Assessment (BICRA) on Spain to Group 4 from Group 3 and revising the economic risk score, a subcomponent of the BICRA, to 4 from 3. MADRID (Standard & Poor's) Oct. 11,...

Companies mentioned in this report are:
- Spain (Kingdom of)
- Banco Santander S.A.
- Santander UK PLC
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Bilbao Bizkaia Kutxa (BBK)
- Santander Consumer Finance S.A.
- CaixaBank S.A.
- Fondo de Reestructuracion Ordenada Bancaria (FROB)
- Banco Financiero y de Ahorros S.A.
- Bankia S.A.
- Ibercaja Banco S.A.

Action: General Comment

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.

- Spain (Kingdom of)
- Banco Santander S.A.
- Santander UK PLC
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Confederacion Espanola de Cajas de Ahorros
- Bilbao Bizkaia Kutxa (BBK)
- Santander Consumer Finance S.A.
- CaixaBank S.A.
- Fondo de Reestructuracion Ordenada Bancaria (FROB)
- Banco Financiero y de Ahorros S.A.
- Bankia S.A.
- Ibercaja Banco S.A.

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