Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Sie sind im Begriff, von der lokalen Website für Deutschland auf die globale Website in englischer Sprache zu wechseln. Möchten Sie fortfahren?
Diesen Hinweis nicht wieder anzeigen.
Ja
Nein
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's affirms Bankia's ratings with a positive outlook

24 Nov 2016

NOTE: On November 25 2016, the press release was corrected as follows: The second sentence of the first paragraph revised to the following:‘The rating agency has also affirmed the bank's Baseline Credit Assessment (BCA)/ adjusted BCA at b1 and its short-term deposit and senior programme ratings at Not-Prime.'

Madrid, November 24, 2016 -- Moody's Investors Service has today affirmed Bankia, S.A.'s long-term deposit and senior debt ratings at Ba2 and Ba3 respectively and changed the outlook on these ratings to positive from stable. The rating agency has also affirmed the bank's Baseline Credit Assessment (BCA)/ adjusted BCA at b1 and its short-term deposit and senior programme ratings at Not-Prime. The bank's Counterparty Risk Assessment was also affirmed at Baa3(cr)/Prime-3(cr).

Today's rating action reflects the positive pressure that could develop on Bankia's ratings if the improving trend observed on the bank's credit fundamentals, namely asset risk and capital continues over the next 12-18 months.

Today's rating action does not incorporate the impact of any potential merger of Bankia with government-owned Banco Mare Nostrum, S.A. (unrated). The merger of both banks is considered by Fondo de Reestructuracion Ordenada Bancaria as an option to reorganize its investment in both credit institutions. Moody's will assess the impact of such a transaction on the credit profile of Bankia when, and if, such transaction is announced.

A full list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

---RATIONALE FOR THE AFFIRMATION OF BANKIA'S RATINGS

The affirmation of Bankia's BCA at b1 reflects the progressive improvement of the bank's performance in recent years following its challenges during the period of Spanish financial crisis. The continued improvements include a strengthening of its asset quality, capitalization and liquidity profile.

Since 2014, Bankia has displayed a sustained improvement in its asset risk metrics, with its non-performing loan (NPL) ratio declining to 9.4% at end-September 2016 versus a Moody's calculated system average of 8.6% and well below the 11.4% reported a year earlier. Since December 2013, Bankia has reduced its stock of NPLs by 45%, while this reduction for the Spanish banking system stood at 40%.

Moody's also notes that the bank has been able to reduce its stock of real estate assets (calculated according to the rating agency's criteria) by 15% in the period from December 2013 to June 2016, versus an increase of 12% for the system during the same period.

At the same time, the bank benefits from improving capital buffers, with Moody's tangible common equity (TCE) ratio standing at 9.0% at end-June 2016, almost 150 basis points higher than a 7.5% ratio at end-June 2015, driven by an increase in retained profits and continued balance sheet deleveraging and asset de-risking. This positive tendency is also visible in bank's sound regulatory CET1 capital ratios which stood at 14.8% on a phased-in basis (13.2% fully loaded) at end-September 2016, increasing from 13.9% (12.3% fully loaded) at end-December 2015. The significant difference between Moody's calculated TCE ratio and regulatory CET1 ratio is primarily explained by the fact that the rating agency only recognizes a portion of deferred tax assets (DTAs) as a TCE component as well as a more conservative risk weighting Moody's applies to banks' sovereign exposure.

While Moody's assessment of Bankia's capital position has been negatively impacted by a relatively high leverage, Moody's calculated leverage ratio has been gradually improving as well, reaching 4.8% at end-June 2016, up from 4.1% a year earlier.

On the liquidity side, Bankia has decreased its reliance on market funding over the last few years, aided by the positive impact of the deleveraging process. Bankia's gross loans to customers deposits (excluding repos transaction and mortgage securities) ratio has improved to 118% at end-June 2016, from close to 150% at end-2012.

Despite the mentioned improvements, Bankia's BCA also reflects the pressures on its recurrent profitability stemming mainly from the very low interest rates environment -- that affects not only the re-pricing of the loan book but also the bank's large bond portfolio -- and subdued business growth. Further, Moody's notes a still high volume of problematic exposures - measured as non-performing loans (NPLs), real estate assets and performing refinanced loans - which accounted for 146% of the banks shareholder equity and loss reserves as of end-June 2016 compared to 103% for the Spanish banking system as of end-December 2015 (latest data available).

The affirmation of Bankia's deposit ratings at Ba2/Not-Prime and its senior debt ratings at Ba3 also reflects: (1) The affirmation of the bank's BCA and adjusted BCA at b1 (2) the result from the rating agency's Advanced Loss-Given Failure (LGF) analysis which remains unchanged with a one notch of uplift for the deposit ratings and no uplift for the senior debt ratings; and (3) Moody's assessment of moderate probability of government support for Bankia, which results in an unchanged further one notch of uplift for both the deposit and the senior debt ratings.

---RATIONALE FOR THE POSITIVE OUTLOOK

The change of outlook on Bankia's long-term deposit and senior debt ratings to positive from stable primarily reflects Moody's expectations that Bankia will be able to maintain current positive trends on its financial metrics, namely asset risk and capital, over the outlook period of 12-18 months. The good performance of the Spanish economy as well as the bank's strong focus on reducing non-strategic assets and increasing the share of more profitable businesses should continue to support the currently observed positive credit trends.

In particular, a stronger assessment of Bankia's asset risk profile could result from a decline of the NPL ratio below 8% over the outlook period if accompanied by a reduction in the stock of real estate assets and performing refinanced loans. This, together with an improved leverage ratio and stronger TCE levels in line with Moody's expectations of future capital generation over the next 12-18 months could exert positive pressure on Bankia's ratings.

---RATIONALE FOR THE AFFIRMATION OF THE CR ASSESSMENT

As part of today's rating action, Moody's has also affirmed at Baa3(cr)/Prime-3(cr) the CR Assessment of Bankia, four notches above the adjusted BCA of b1. The CR Assessment is driven by the banks' adjusted BCA, moderate likelihood of systemic support and by the cushion against default provided to the senior obligations represented by the CR Assessment by subordinated instruments amounting to 15% of tangible banking assets.

---WHAT COULD CHANGE THE RATING - UP

Upward pressure on Bankia's BCA could arise from (1) further improvement of asset risk indicators, namely a material reduction of the stock of problematic assets; (2) stronger tangible common equity (TCE) levels; (3) a sustained recovery of recurrent profitability levels; and/or (4) further reduction of the reliance on market funds.

Bankia's deposit and senior debt ratings could also experience upward pressure from movements in the loss-given-failure faced by these securities. Along these lines, upward pressure on ratings could develop with the issuance of senior or subordinated instruments.

---WHAT COULD CHANGE THE RATING - DOWN

Given the positive outlook, Bankia's ratings show limited downward pressures. However, the bank's BCA could be downgraded as a result of (1) the reversal in current asset risk trends, with an increase in the stock of NPLs and/or other problematic exposures; and (2) significant deterioration of profitability levels which would negatively affect Bankia's internal capital-generation and risk-absorption capacity.

A downward movement in Bankia's BCA would likely result in downgrades of all other rating classes. At the same time, based on current liability structure there is no downward pressure on debt and deposit ratings resulting from our LGF analysis.

LIST OF AFFECTED RATINGS

Issuer: Bankia, S.A.

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed Baa3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-3(cr)

....Long-term Deposit Ratings, affirmed Ba2outlook changed to Positive from Stable

....Short-term Deposit Ratings, affirmed NP

....Senior Unsecured Regular Bond/Debenture, affirmed Ba3, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Ba3

....Commercial Paper, affirmed NP

....Adjusted Baseline Credit Assessment, affirmed b1

....Baseline Credit Assessment, affirmed b1

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Bancaja Emisiones, S.A. Unipersonal

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Ba3, outlook changed to Positive from Stable

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Caymadrid International Ltd.

..Affirmations:

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Ba3, outlook changed to Positive from Stable

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)Ba3

..Outlook Action:

....Outlook changed to Positive from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Maria Cabanyes
Senior Vice President
Financial Institutions Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​​​