DBRS Discontinues Several CaixaBank Senior Notes Guaranteed by the Kingdom of Spain after Repayment

DBRS Ratings Limited has today discontinued the ratings on some Senior Notes Guaranteed by the Kingdom of Spain (the Notes) issued by CaixaBank S.A. (CaixaBank) due to repayment. Please refer to a list of ratings and issues at the end of the press release.

The Notes, previously rated A (low) by DBRS, are now Discontinued-Repaid.

Today’s rating action does not impact the outstanding Senior Notes Guaranteed by the Kingdom of Spain issued by Caixabank which remain rated A (low) with Stable Trend based on the explicit guarantee provided by the Kingdom of Spain. The ratings of the outstanding rated Notes reflect the Spanish government’s ability to honour this guarantee as determined by DBRS’s rating of the sovereign.

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 applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2015) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015).These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company reports, the European Central Bank, European Banking Authority, Bank of Spain and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: María Rivas
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: March 4, 2013
Most Recent Rating Update: February 10, 2015

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Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.