DBRS Confirms CaixaBank’s Gov’t Guaranteed Debt at A (low); Trend now Positive

DBRS Limited (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). The trend on these Notes has been changed to Positive from Stable. This rating action follows DBRS’s confirmation of the Kingdom of Spain at A (low), with the trend changed to Positive from Stable on October 9, 2015.

The A (low) rating on the Notes is based on the explicit guarantee provided by the Kingdom of Spain and the government’s ability to honour this guarantee.

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 Stable 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 2015). 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.

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: Roger Lister
Initial Rating Date: March 4, 2013
Most Recent Rating Update: February 10, 2015

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