Research Update: Spain-Based Ibercaja Long-Term Rating Lowered To 'BBB' After Sovereign Downgrade; Outlook Negative Feb 12

Standard & Poors, February 2012

Abstract
On Jan. 13, 2012, Standard & Poor's lowered its long- and short-term sovereign credit ratings on the Kingdom of Spain to 'A/A-1' from 'AA-/A-1+', assigned a negative outlook, and removed the ratings from CreditWatch negative. Subsequently, we have revised our Banking Industry Country Risk Assessment (BICRA) on Spain to group '5' from group '4', and our industry risk score to '5' from '3'. We are lowering our long-term rating on Spain-based Ibercaja Banco S.A. (Ibercaja) to 'BBB' from 'BBB+', removing it from CreditWatch negative, and affirming the 'A-2' short-term rating. The negative outlook on Ibercaja mirrors that on Spain, and reflects the possibility of a downgrade if we further lower our ratings on Spain. It also reflects the potential negative...

Companies mentioned in this report are: Ibercaja Banco S.A.
Action: Downgraded
Action: Outlook: 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.

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.

Ibercaja Banco S.A.

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