DBRS Confirms CaixaBank’s Gov’t Guaranteed Debt at A (low); Trend Changed to Stable from Negative

DBRS Inc. (DBRS) has today confirmed the rating of the government guaranteed Senior Notes (the Notes) issued by CaixaBank S.A. (CaixaBank or the Group) at A (low). Concurrently, DBRS has changed the trend on these Notes to Stable from Negative. This rating action follows DBRS’s confirmation of the Kingdom of Spain at A (low), with the trend changed to Stable from Negative on October 10, 2014.

The A (low) rating on the Notes is based on the explicit guarantee provided by the Kingdom of Spain. This rating of the Notes reflects the government’s ability to honour this guarantee as determined by DBRS’s rating of the sovereign.

Today’s rating action does not impact the other ratings of CaixaBank, including the Group’s Unsecured Long-Term Debt & Deposit ratings, which remain at A (low) with a Negative Trend.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2014). Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations (January 2014) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013). These can be found can be found at: http://www.dbrs.com/about/methodologies

The primary sources of information used for this rating include company documents, SNL Financial and the Bank of Spain. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Lisa Kwasnowski
Rating Committee Chair: Alan G. Reid
Initial Rating Date: November 15, 2012
Most Recent Rating Update: September 5, 2014

For additional information on this rating, please refer to the linking document under Related Research.