Research Update: Spain-Based CaixaBank Long-Term Rating Lowered To 'A' On Bank Criteria Change; Still On CreditWatch 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 ratings on Spain-based CaixaBank, S.A. (CaixaBank) to 'A' from 'A+'. We have also lowered the long-term rating on CaixaBank's parent company, Caja de Ahorros y Pensiones de Barcelona (la Caixa), to 'BBB+' from 'A-'. Our long- and short-term ratings on CaixaBank and la Caixa 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 CaixaBank factor in a 'bbb' anchor for banks operating exclusively in Spain, and our view of its strong business position, adequate capital and earnings, strong risk position, average funding, and adequate...

Companies mentioned in this report are: CaixaBank S.A.,Caja de Ahorros y Pensiones de Barcelona,Caixa Preference Ltd.
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.

CaixaBank S.A.,Caja de Ahorros y Pensiones de Barcelona,Caixa Preference Ltd.

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