DBRS Rates CaixaBank’s Inaugural Senior Non-Preferred Debt at BBB (high) with Stable Trend

DBRS Ratings Limited (DBRS) has assigned a rating of BBB (high) with Stable trend to CaixaBank, S.A’s (CaixaBank) Senior Non-Preferred Debt (called Senior Non-Preferred Notes by CaixaBank). DBRS expects that any future issuance by CaixaBank of Senior Non-Preferred Debt, with the same contractual subordination and Intrinsic Assessment level, would be rated at this level. The rating on CaixaBank Senior Non-Preferred Debt is one notch below its Intrinsic Assessment of “A (low)”.

DBRS discusses its views on insolvency frameworks in response to regulatory requirements for bank resolution in its comment “DBRS: Developments in European Bank Resolution Frameworks and their Impact on Bank Creditors”, dated July 2016.

DBRS also discusses its approach for rating Senior Non-Preferred Notes issued by banks in France in the comment “DBRS: Rating the New French Senior Non-preferred Debt Instruments”, dated November 2016.

DBRS published its “Global Methodology for Rating Banks and Banking Organisations”, dated May 2017, which includes the Senior Non-Preferred Debt asset class.

RATING DRIVERS
The ratings are sensitive to a change in CaixaBank’s Long-term Issuer Rating and 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 (May 2017). This can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include SNL Financial, company disclosures 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 and US 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: July 14, 2017

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