Research Update: Bankia Downgraded To 'BBB+', HoldCo BFA To 'BB+/B' On Bank Criteria Change; Long-Term Ratings On Watch Negative Dec 11

Standard & Poors, December 2011

Abstract
Following a review under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have lowered our long-term rating on Spain-based Bankia S.A. to 'BBB+' from 'A-'. At the same time, we affirmed our 'A-2' short-term rating and removed it from CreditWatch with negative implications, where it was placed on Dec. 8, 2011. We have also lowered the long- and short-term ratings on Bankia's controlling holding company Banco Financiero y de Ahorros S.A. (BFA) to 'BB+/B' from 'BBB-/A-3'. Our long-term ratings on Bankia and BFA remain on CreditWatch with negative implications, where they were placed on Dec. 8, 2011, following a similar action on the Kingdom of Spain. The ratings on Bankia factor in our 'bbb' anchor for banks...

Companies mentioned in this report are:
- Bankia S.A.
- Caymadrid International Ltd.
- Madrid Finance B.V.
- Caja Madrid Finance Preferred S.A.
- Banco Financiero y de Ahorros S.A.

Action: Affirmed
Action: Downgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Bankia S.A.
- Caymadrid International Ltd.
- Madrid Finance B.V.
- Caja Madrid Finance Preferred S.A.
- Banco Financiero y de Ahorros S.A.

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