Various Spanish Bank Ratings Placed On CreditWatch Negative After Sovereign Downgrade, Others Remain On Watch Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's lowered its long- and short-term sovereign ratings on the Kingdom of Spain to 'A/A-1' from 'AA-/A-1+' on Jan. 13, 2012. As a result, we are placing on CreditWatch with negative implications our short-term ratings on four Spain-based banks, our long-term rating on one bank, and the issue ratings on the nondeferrable subordinated debt and/or hybrid instruments issued by four banks. All other ratings on Spanish banks that were placed on CreditWatch negative, either on Dec. 8, 2011, or at an earlier date, remain on CreditWatch. In addition, we are updating the reasons behind our CreditWatch placements, a process that could potentially increase the magnitude of any downgrades. Following the sovereign downgrade, our CreditWatch placements now reflect the...

Companies mentioned in this report are:
- Banco Santander S.A.
- Santander UK PLC
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Santander Holdings U.S.A Inc.
- 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)
- Sovereign Bank, N.A.
- Banco Bilbao Vizcaya Argentaria S.A.
- Bilbao Bizkaia Kutxa (BBK)
- Santander Consumer Finance S.A.
- CaixaBank S.A.
- Banco Financiero y de Ahorros S.A.
- Bankia S.A.
- Banca Civica S.A.
- Ibercaja Banco S.A.

Action: On CreditWatch:Negative

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.

- Banco Santander S.A.
- Santander UK PLC
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Santander Holdings U.S.A Inc.
- 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)
- Sovereign Bank, N.A.
- Banco Bilbao Vizcaya Argentaria S.A.
- Bilbao Bizkaia Kutxa (BBK)
- Santander Consumer Finance S.A.
- CaixaBank S.A.
- Banco Financiero y de Ahorros S.A.
- Bankia S.A.
- Banca Civica S.A.
- Ibercaja Banco S.A.

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