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Rating Action:

Moody's reviews for downgrade ICO and all Government-backed debt ratings of Spanish banks

01 Jul 2010

Madrid, July 01, 2010 -- Moody's Investors Service has today placed under review for possible downgrade all rated debt of Instituto de Credito Oficial, which benefits from an unconditional and irrevocable guarantee from the Spanish Government. At the same time, all rated government-backed debt issues of Spanish banks were also placed on review for possible downgrade. The rating action has been triggered by Moody's decision to place the Aaa ratings of the Spanish Government on review for possible downgrade, as announced yesterday.

Moody's said that at this stage the review for downgrade of the Spanish Government's Aaa rating is not expected to have an immediate impact on any other debt and deposit ratings of Spanish banks that do not benefit from an explicit government guarantee. However, as most of Moody's bank debt and deposit ratings benefit from several notches of uplift based on extraordinary systemic support, the government's financial flexibility and willingness to support its banks remains a key driver of most banks' current debt and deposit ratings.

The following backed-Aaa rated long-term senior unsecured debt securities were placed under review for possible downgrade:

..Issuer: Banca March S.A.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Banco Cooperativo Espanol, S.A.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Banco Pastor, S.A.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Banco Popular Espanol, S.A.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Banco Sabadell, S.A.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Bankinter, S.A.

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caixa Catalunya

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caixa Galicia

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caixa d'Estalvis de Manresa (Caixa Manresa)

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caixanova

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja Duero

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja Insular de Ahorros de Canarias

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros de Avila

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros de La Rioja

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros de Santander y Cantabria

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros de Valencia, C y A. (Bancaja)

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros del Mediterraneo

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros y Monte de Piedad de Madrid

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Caja de Ahorros y Pensiones de Barcelona

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Cajamar Caja Rural, Soc. Coop. de Credito

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Instituto de Credito Oficial

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Lico Leasing, S.A.

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

..Issuer: Unicaja

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently Aaa

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aaa

Outlook Actions:

..Issuer: Instituto de Credito Oficial

....Outlook, Changed To Rating Under Review From Stable

The principal methodologies used in rating these issuers are Moody's "Bank Financial Strength Ratings: Global Methodology", published in February 2007 and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", published in March 2007, both of which are available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found in the Rating Methodologies sub-directory on Moody's website.

The last rating action on Instituto de Credito Oficial (ICO) was implemented on 30 June 2005, when its long term backed senior unsecured rating was affirmed at Aaa and its short term rating was affirmed at P-1. ICO is headquartered in Madrid, Spain. At 31 December 2009 it had total assets of EUR 62.0 billion.

The last rating action on Banca March was on 15 June 2009, when the bank's standalone BFSR was downgraded to C- (mapping to a Baa1 on the long-term rating scale) from C and its long and short-term deposit ratings were affirmed at A2/P-1. Banca March is headquartered in Palma de Mallorca, Spain. At 31 December 2009 it had total assets of EUR 12.6 billion.

The last rating action on Banco Cooperativo Español was on 2 July 2009, when the bank's standalone BFSR was confirmed at C+ (mapping to an A2 on the long-term rating scale), the debt and deposit ratings were confirmed at A1 and the short-term rating was affirmed at P-1. Banco Cooperativo Español is headquartered in Madrid, Spain. At 31 December 2009 it had total assets of EUR 11.7 billion.

The last rating action on Banco Pastor was on 23 February 2010, when the bank's junior subordinated debt rating was downgraded to Ba3 from Baa3 and its preference shares rating was downgraded to B3 from Ba3. Banco Pastor is headquartered in La Coruña, Spain. At 31 December 2009 it had total assets of EUR 32.3 billion.

The last rating action on Banco Popular was on 23 February 2010, when the bank's preference shares rating was downgraded to Ba2 from Baa2. Banco Popular Español is headquartered in Madrid, Spain. At 31 December 2009 it had total assets of 129.3.

The last rating action on Banco Sabadell was on 23 February 2010, when the bank's preference shares rating and mandatory subordinated convertible bonds were downgraded to Ba3 from Baa3. Banco Sabadell is headquartered in Sabadell, Spain. At 31 December 2009 it had total assets of EUR 82.8 billion.

The last rating action on Bankinter was on 23 February 2010, when the bank's preference shares rating was downgraded to Ba1 from Baa1. Bankinter is headquartered in Madrid, Spain. At 31 December 2009 it had total assets of EUR 54.5 billion.

The last rating action on Caixa Catalunya was on 18 May 2010, when the bank's senior debt and deposit ratings were affirmed at A3/P-2, its subordinated debt rating was affirmed at Baa1 and its D- standalone BFSR (mapping to a Ba3 on the long-term rating scale) and B3 preference shares rating were placed under review for possible upgrade. Caixa Catalunya is headquartered in Barcelona, Spain. At 31 December 2009 it had total assets of EUR 63.6 billion.

The last rating action on Caixa d'Estalvis de Manresa was on 18 May 2010, when the bank's D+ BFSR was placed on review for possible downgrade and its long term rating of Baa1 was placed on review for possible upgrade. Its short-term rating was affirmed at P-2. Caixa d'Estalvis de Manresa is headquartered in Manresa, Spain. At 31 December 2009 it had total assets of EUR 6.5 billion.

The last rating action on Caixa Galicia was on 23 February 2010, when the bank's junior subordinated debt rating was downgraded to Ba2 from Baa3 and the its preference shares rating was downgraded to B2 from Ba3. Caixa Galicia is headquartered in La Coruña, Spain. At 31 December 2009 it had total assets of EUR 46.3 billion.

The last rating action on Caixanova was on 15 June 2009, when the bank's standalone BFSR was downgraded to D (mapping to a Ba2 on the long-term rating scale) from C+ and its long and short-term deposit ratings were downgraded to A3/P-2 from A1/P-1. Caixanova is headquartered in Vigo, Spain. At 31 December 2009 it had total assets of EUR 31.7 billion.

The last rating action on Caja de Ahorros de Ávila was on 15 June 2009, when the bank's standalone BFSR was downgraded to E+ (mapping to a B1 on the long-term rating scale) from C- (mapping to a BCA of Baa2) and its long and short-term deposit ratings were downgraded to Baa3/P-3 from Baa1/P-2. Caja de Ahorros de Ávila is headquartered in Ávila, Spain. At 31 December 2009 it had total assets of EUR 7.1 billion.

The last rating action on Caja de Ahorros de la Rioja was on 15 June 2009, when the bank's standalone BFSR was downgraded to D+ (mapping to a Baa3 on the long-term rating scale) from C- (mapping to a BCA of Baa2) and its long and short-term deposit ratings were downgraded to A3/P-2 from A2/P-1. Caja de Ahorros de la Rioja is headquartered in Logroño, Spain. At 31 December 2009 it had total assets of EUR 3.9 billion.

The last rating action on Caja de Ahorros de Santander y Cantabria was on 23 February 2010, when the bank's preference shares rating was downgraded to B3 from B1. Caja de Ahorros de Santander y Cantabria is headquartered in Santander, Spain. At 31 December 2009 it had total assets of EUR 10.3 billion.

The last rating action on Caja de Ahorros de Valencia, Castellón y Alicante (Bancaja) was on 23 February 2010, when the bank's junior subordinated debt rating was downgraded to Ba3 from Baa3 and the its preference shares rating was downgraded to B3 from B1. Caja de Ahorros de Valencia, Castellón y Alicante (Bancaja) is headquartered in Valencia, Spain. At 31 December 2009 it had total assets of EUR 111.5 billion.

The last rating action on Caja de Ahorros del Mediterraneo was on 15 June 2009, when the bank's standalone BFSR was downgraded to D- (mapping to a Ba3 on the long-term rating scale) from C, its long-term debt and deposit ratings to A3 from A2, its subordinated debt rating was downgraded to Baa1 from A3 and it short-term debt and deposit ratings were downgraded to P-2 from P-1. Caja de Ahorros del Mediterráneo is headquartered in Valencia, Spain. At 31 December 2009 it had total assets of EUR 75.5 billion.

The last rating action on Caja Madrid was on 23 February 2010, when the bank's preference shares rating was downgraded to B2 from Ba2. Caja de Ahorros y Monte de Piedad de Madrid is headquartered in Madrid, Spain. At 31 December 2009 it had total assets of EUR 191.1 billion.

The last rating action on Caja de Ahorros y Pensiones de Barcelona (La Caixa) was on 23 February 2010, when the bank's preference shares rating was downgraded to Baa2 from A2. Caja de Ahorros y Pensiones de Barcelona is headquartered in Barcelona, Spain. At 31 December 2009 it had total assets of EUR 271.9 billion.

The last rating action on Caja Duero was on 23 February 2010, when the bank's preference shares rating was downgraded to B2 from Ba2. Caja Duero is headquartered in Salamanca, Spain. At 31 December 2009 it had total assets of EUR 21.4 billion.

The last rating action on Caja Insular de Ahorros de Canarias was on 23 February 2010, when the bank's junior subordinated debt rating was downgraded to Ba3 from Ba1. Caja Insular de Ahorros de Canarias is headquartered in Las Palmas, Spain. At 31 December 2009 it had total assets of EUR 9.3 billion.

The last rating action on Cajamar Caja Rural, Soc. Coop. de Credito was on 15 June 2009, when the bank's standalone BFSR was downgraded to D+ (mapping to a Baa3 on the long-term rating scale) from C and its long and short-term deposit ratings were downgraded to A3/P-2 from A2/P-1. Cajamar Caja Rural, Soc. Coop. de Credito is headquartered in Almería, Spain. At 31 December 2009 it had total assets of EUR 25.5 billion.

The last rating action on Lico Leasing was on 23 September 2009, when the bank's long-term debt and deposit ratings were downgraded to Baa1/P-2 from A2/P-1. Lico Leasing is headquartered in Madrid, Spain. At 31 December 2009 it had total assets of EUR 2.5 billion.

The last rating action on Unicaja was on 15 June 2009, when the bank's standalone BFSR was downgraded to C+ (mapping to an A2 on the long-term rating scale) from B-, its long-term debt and deposit ratings were affirmed at Aa3, its subordinated debt rating was affirmed at A1 and it short-term debt and deposit ratings were affirmed at P-1. Unicaja is headquartered in Málaga, Spain. At 31 December 2009 it had total assets of EUR 34.2 billion.

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Madrid
Maria Cabanyes
Senior Vice President
Financial Institutions Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews for downgrade ICO and all Government-backed debt ratings of Spanish banks
No Related Data.
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