DBRS Assigns ratings to CaixaBank’s Dated Subordinated debt and Subordinated Fixed Reset Notes

DBRS Ratings Limited (DBRS) has today assigned a rating of BBB (high) with a Stable Trend to CaixaBank, S.A.’s (CaixaBank or the Bank) Dated Subordinated debt. Concurrently, DBRS has also assigned a rating of BBB (high) with a Stable Trend to CaixaBank’s EUR 750 million Subordinated Fixed Reset Notes due November 2023, issued under the EUR 10 billion Euro Medium Term Programme (ISIN: XS0989061345). The subordinated debt rating is one notch below the A (low) Intrinsic Assessment (IA) of the Bank, in line with DBRS’s Criteria “Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities”.

RATING DRIVERS
The ratings are subject to the maintenance of CaixaBank’s A (low) Intrinsic Assessment.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2016). Other applicable methodologies include the DBRS Criteria: Critical Obligations Criteria (February 2016), Support Assessments for Banks and Banking Organisations (March 2016) and Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016). These can be found at: http://www.dbrs.com/about/methodologies

The 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 to be 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 historical default rates published by the European Securities and Markets Authority (“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: Maria Rivas, Vice President – Global FIG
Rating Committee Chair: Elisabeth Rudman, Managing Director, Head of EU FIG, Global FIG
Initial Rating Date: March 4, 2013
Most Recent Rating Update: April 13, 2016

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