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Related Issuers
Ahorro Corporacion Financiera S.V., S.A.
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Banco Bilbao Vizcaya Argentaria, SA London Br
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Unicaja
Announcement:

Moody's reviews highest-rated Spanish banks further to sovereign rating review

29 Jul 2011

Madrid, July 29, 2011 -- Moody's Investors Service has today placed on review for downgrade the debt and deposit ratings of five Spanish banks, subsequent to the rating agency's announcement on 29 July 2011 that the Aa2 bond rating of the government of Spain was being placed on review for possible downgrade. The corresponding short-term ratings of these banks (all Prime-1) are unaffected by today's rating announcements.

The affected banks are Banco Santander, BBVA, CaixaBank (all three banks rated Aa2/P-1/B-, mapping to A1 on the long-term scale), La Caixa (issuer rating at A1) and Confederación Española de Cajas de Ahorros (CECA) (rated A1/P-1/C, mapping to A3 on the long-term rating scale).

In addition, Moody's has also placed on review for downgrade (i) the senior subordinated debt of these entities; (ii) all rated government-backed debt issuances from Spanish banks; and (iii) the rated long-term debt of Instituto de Credito Oficial (ICO), the ratings of which are based on the unconditional and irrevocable guarantee from the Spanish Government.

RATIONALE FOR THE REVIEW OF SENIOR AND SUBORDINATED DEBT RATINGS

Moody's bank rating reviews have been prompted by its concurrent review of the Spanish government's bond ratings, which, in the absence of any unexpected negative developments during the review process, is most likely to be limited to one notch.

When a sovereign's credit worthiness diminishes, Moody's reassesses the capacity of the sovereign to provide systemic support to domestic banks. In this case, a potential downgrade of the Spanish government rating would affect only the debt and deposit ratings of banks that have high standalone ratings and that Moody's believes benefit from high levels of systemic support. These banks are Banco Santander, BBVA, Caixabank (all of which have standalone ratings of B-/A1) and CECA (which has a standalone rating of C/A3).

In a scenario where the sovereign would be rated at or close to the above mentioned banks' standalone ratings, the benefit of any assumed government support would be diminished. However, even if the sovereign rating should be downgraded, Moody's will continue to factor in at least one notch of systemic support for these banks to reflect the high likelihood that support would be forthcoming.

Any downgrade of these banks' senior ratings would also have an impact on the banks' senior subordinated ratings, which are notched-off the senior ratings to reflect their legal subordination. For this reason, Moody's has also placed the ratings of these instruments on review for downgrade for these five banks.

The A1 debt ratings of La Caixa, Caixabank's holding company, are notched off the long-term debt rating of Caixabank and would therefore be affected by any downgrade of Caixabank; they have therefore also been placed on review for possible downgrade.

BANKS UNAFFECTED BY RATING ANNOUNCEMENTS

The ratings of other banks that Moody's considers have a high likelihood of systemic support would not be affected by a one notch downgrade of the Spanish sovereign rating. Their long-term ratings are some way below the likely outcome of the sovereign review, and the sovereign review is unlikely to identify a weakening of the government's financial strength to an extent that it would preclude a continuation of these support levels. Those banks will continue to benefit from one or two notches of systemic support uplift.

Similarly, banks that are considered less systemically important by Moody's, and whose ratings benefit from only a one-notch uplift, are not expected to be affected by the sovereign rating review. Their standalone credit profile is the key driver of their debt rating, and a potentially marginally weaker sovereign should not significantly affect their overall creditworthiness or the one-notch systemic support uplift of their ratings.

REVIEW OF GOVERNMENT GUARANTEED DEBT

As a direct consequence of the concurrent review for possible downgrade of the Spanish government's Aa2 bond rating, Moody's has also placed the backed-Aa2 rated senior debt of 19 institutions on review for downgrade. The backed-Aa2 ratings assigned are based on the unconditional guarantee which directly links them to the ratings of the Spanish government. (See "Moody's to assign backed Aaa ratings to new euro-denominated long-term debt securities covered by Spanish government's guarantee," published on 22 January 2009.)

REVIEW OF ICO's RATINGS

Moody's has also placed on review for downgrade all rated debt of Instituto de Credito Oficial (ICO). Since ICO's liabilities are explicitly, irrevocably, directly and unconditionally guaranteed by the government of Spain, the rating review of ICO is triggered by the review process initiated for the sovereign's ratings.

All other ratings of Spanish banks are not affected by this rating action.

The following ratings have been affected by the placing on review for possible downgrade of the Spanish government:

Issuer: Banca March S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

Issuer: Banco Bilbao Vizcaya Argentaria, S.A. ,

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of (P)Aa3 to (P)Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of (P)Aa3 to (P)Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Banco Bilbao Vizcaya Argentaria, SA London Br ,

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Banco CAM ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Banco Cooperativo Espanol, S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Banco de Credito Local de Espana, S.A. ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

..Outlook Actions:

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

Issuer: Banco Financiero y de Ahorro ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Banco Pastor, S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Banco Popular Espanol, S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Banco Sabadell, S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

Issuer: Banco Santander S.A. (Spain) ,

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3, (P)Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3, (P)Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Banco Santander, S.A., London Branch ,

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently (P)Aa2

..Outlook Actions:

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

Issuer: Bankia ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Bankinter, S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: BBVA Capital Funding Limited ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Aa3

..Outlook Actions:

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

Issuer: BBVA Global Finance Ltd. ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)Aa2

..Outlook Actions:

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

Issuer: BBVA Global Markets B.V. ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: BBVA Senior Finance, S.A. Unipersonal ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: BBVA Subordinated Capital, S.A. Unipersonal ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

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

Issuer: BBVA U.S. Senior, S.A. Unipersonal ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: BCL International Finance Limited ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Caixa Catalunya, Tarragona i Manresa ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

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

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Caixa Finance B.V. ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Caixabank ,

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of (P)Aa3 to (P)Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of (P)Aa3 to (P)Aa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Caixanova ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Caja de Ahorros de Galicia, Vigo, O. y P. ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Caja de Ahorros de Santander y Cantabria ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Caja de Ahorros y Pensiones de Barcelona ,

..On Review for Possible Downgrade:

.... Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Caja Espana de Inversiones, Salamanca y Soria ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

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

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Confederacion Espanola de Cajas de Ahorro ,

..On Review for Possible Downgrade:

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Outlook Actions:

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

Issuer: Ibercaja ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Instituto de Credito Oficial ,

..On Review for Possible Downgrade:

....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Shelf, Placed on Review for Possible Downgrade, currently (P)Aa2

..Outlook Actions:

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

Issuer: Lico Leasing, S.A. ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

Issuer: Santander Central Hispano International Ltd ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Santander Central Hispano Issuances Ltd. ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Aa3

..Outlook Actions:

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

Issuer: Santander Int'l Debt, S.A. Unipersonal ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Santander Issuances S.A. Unipersonal ,

..On Review for Possible Downgrade:

....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3

....Subordinate Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa3

..Outlook Actions:

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

Issuer: Santander US Debt, S.A. Unipersonal ,

..On Review for Possible Downgrade:

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

..Outlook Actions:

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

Issuer: Unicaja ,

..On Review for Possible Downgrade:

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently (P)Aa2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Aa2

The principal methodologies used in this rating were 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. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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

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

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

Moody's reviews highest-rated Spanish banks further to sovereign rating review
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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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