DBRS Morningstar Comments on the CaixaBank & Bankia Merger

The respective boards of CaixaBank SA (CaixaBank, Long-Term Issuer Rating of A, Stable Trend) and Bankia SA (Bankia, Long-Term Issuer Rating of BBB (high), UR-Pos.) approved their merger by absorption of Bankia into Caixabank on September 17th. The structure of the transaction will involve CaixaBank exchanging new shares for every Bankia share. The transaction is expected to close by the end of Q1 2021. DBRS Morningstar anticipates that Bankia’s ratings will likely be aligned with those of CaixaBank, and as a result, Bankia's ratings were put Under Review with Positive Implications on September 24th.