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Rating Action:

Moody's takes rating actions on Spanish banks

17 Apr 2018

Rating actions follow the upgrade of Spain's government bond rating to Baa1

Madrid, April 17, 2018 -- Moody's Investors Service has today taken rating actions on 12 Spanish banking groups. The rating agency has upgraded the long-term deposit ratings of six banks and the senior unsecured debt and/or senior unsecured debt programme ratings of five banks, as well as the counterparty risk assessment (CRA) of eight institutions. The rating actions were prompted by the upgrade of Spain's government bond rating to Baa1 from Baa2 on 13 April 2018 (for further details please see https://www.moodys.com/research/--PR_381868).

Among the actions taken today by Moody's on the affected banks are the following:

- Banco Santander, S.A. (Spain) (Banco Santander): deposits upgraded to A2/Prime-1 from A3/Prime-2, senior unsecured debt programme ratings upgraded to (P)A2 from (P)A3 respectively. Long-term issuer rating upgraded to A2 from A3. The outlook on the long-term ratings remains stable. CRA affirmed at A3(cr)/Prime-2(cr).

- Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): deposit ratings affirmed at A3/Prime-2, long-term senior unsecured debt ratings affirmed at Baa1 and outlook on the long-term ratings changed to positive from stable. Long-term CRA upgraded to A3(cr) from Baa1(cr) and short-term CRA affirmed at Prime-2(cr).

- CaixaBank, S.A. (CaixaBank): long-term deposit ratings upgraded to Baa1 from Baa2 and outlook changed to stable from positive. Short-term deposit ratings affirmed at Prime-2. Senior unsecured debt ratings affirmed at Baa2 and outlook changed to positive from stable.

- Bankia, S.A. (Bankia): deposit ratings upgraded to Baa2/Prime-2 from Baa3/Prime-3, long-term senior unsecured debt ratings upgraded to Baa3 from Ba1, and outlook on the long-term ratings changed to stable from developing. BCA and adjusted BCA affirmed at ba2. Long-term CRA upgraded to Baa1(cr) from Baa2(cr). Short-term CRA affirmed at Prime-2(cr).

- Banco Sabadell, S.A. (Banco Sabadell): deposit ratings affirmed at Baa2/Prime-2 and outlook on the long-term deposit ratings changed to positive from stable. Long-term CRA upgraded to Baa1(cr) from Baa2(cr). Short-term CRA affirmed at Prime-2(cr).

- Banco Popular Espanol, S.A. (Banco Popular): deposit ratings upgraded to Baa2/Prime-2 from Baa3/Prime-3, senior unsecured debt programme ratings upgraded to (P)Baa2 from (P)Baa3. The outlook on the long-term deposit ratings remains positive. CRA upgraded to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr).

- Santander Consumer Finance S.A. (SCF): deposits ratings upgraded to A2/Prime-1 from A3/Prime-2 and long-term senior unsecured debt ratings upgraded to A2 from A3. The outlook on the long-term ratings remains stable. CRA affirmed at A3(cr)/Prime-2(cr).

- Bankinter, S.A. (Bankinter): long-term CRA upgraded to A3(cr) from Baa1(cr). Short-term CRA affirmed at Prime-2(cr).

- Kutxabank, S.A. (Kutxabank): long-term CRA upgraded to A3(cr) from Baa1(cr). Short-term CRA affirmed at Prime-2(cr).

- Instituto de Credito Oficial (ICO): long-term senior unsecured debt ratings upgraded to Baa1 from Baa2. Short-term Commercial Paper ratings affirmed at Prime-2.

- Banca March S.A. (Banca March): long-term CRA upgraded to A3(cr) from Baa1(cr). Short-term CRA affirmed at Prime-2(cr).

- Caja Rural de Navarra: long-term deposit ratings upgraded to Baa1 from Baa2. The outlook on these ratings remains stable. Short-term deposit ratings affirmed at Prime-2. BCA and adjusted BCA upgraded to baa1 from baa2. Long-term CRA upgraded to A3(cr) from Baa1(cr). Short-term CRA affirmed at Prime-2(cr) .

The ratings, outlooks and rating inputs of other Moody's rated Spanish banks are unaffected by today's rating action.

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

RATINGS RATIONALE

-- BANCO SANTANDER AND SCF

Moody's has upgraded to A2/Prime-1 from A3/Prime-2 the deposit ratings, to (P)A2 from (P)A3 the senior unsecured debt programme ratings of Banco Santander and to A2 from A3 the senior unsecured debt ratings of SCF. Before the upgrade of Spain's sovereign rating, these ratings already exceeded the Spanish sovereign rating by two notches, and were constrained at that level under Moody's methodology. The upgrade of Spain's sovereign rating by one notch has therefore translated into a one notch upgrade of these ratings. The outlook on the long-term deposit and senior unsecured debt/issuer ratings, where applicable, remains stable.

-- BBVA

Moody's has affirmed the deposit ratings of BBVA at A3/Prime-2 and senior unsecured debt ratings at Baa1 respectively, and changed the outlook on the long-term ratings to positive from stable.

The outlook change reflects the bank's balance sheet structure at end-December 2017 as well as Moody's expectation that BBVA will continue to issue bail-in-able debt through 2020 in order to meet its minimum requirement for own funds and eligible liabilities (MREL). Moody's expects that BBVA will complete its medium-term issuance plan -- which entails the refinancing of its covered bond and senior debt redemptions amounting to EUR8.8 billion, with junior senior instruments -- based upon its public commitment to the plan and the bank's continued good access to the capital markets.

-- CAIXABANK

Moody's has upgraded the long-term deposit ratings of CaixaBank to Baa1 from Baa2 and changed the outlook to stable from positive. The bank's short-term deposit ratings have been affirmed at Prime-2. Concurrently, the rating agency has affirmed the long-term senior unsecured debt ratings of CaixaBank at Baa2 and changed the outlook on these ratings to positive from stable.

CaixaBank's long-term deposit and senior unsecured debt ratings of Baa1/Baa2 reflect: (1) the bank's BCA of ba1; (2) a two-notch and one-notch rating uplift, respectively, from Moody's Advanced LGF analysis; and (3) Moody's assumption of a moderate probability of government support from Spain, which translates into a one-notch uplift for both ratings. Following the upgrade of Spain's sovereign rating, CaixaBank's deposit ratings now benefit from one notch of government support. Previously, they were rated at the same level of the sovereign and, consequently, benefited from no government support uplift.

The positive outlook on CaixaBank's long-term senior unsecured debt rating reflects Moody's expectation that the bank's credit profile will continue to improve over the next 12-18 months. The stable outlook on Caixabank's long-term deposit ratings reflects Moody's view that any upward pressure on the bank's standalone BCA will not translate into an improvement in the bank's Baa1 deposit ratings. At this level, Caixabank's deposit ratings will benefit from the uplift from Moody's LGF analysis but no uplift from the moderate government support assumptions, because the bank's deposit ratings are now aligned with Spain's sovereign rating.

-- BANKIA

Moody's has upgraded Bankia's deposit ratings to Baa2/Prime-2 from Baa3/Prime-3 and its long-term senior unsecured debt rating to Baa3 from Ba1 and has changed the outlook on the long-term ratings to stable from developing.

The upgrade of the ratings reflects: (1) the affirmation of the bank's BCA at ba2; (2) Moody's updated Advanced LGF analysis that now provides a two-notch uplift for deposits and one-notch uplift for senior debt from the bank's ba2 adjusted BCA; and (3) Moody's assumption of moderate government support from Spain, which results in a one-notch uplift for both the deposit and senior debt ratings.

Bankia's ba2 BCA reflects Moody's expectation of an improvement in its credit fundamentals, notably in terms of asset risk, capital and profitability. Bankia's BCA remains constrained by: (1) still high volumes of problematic exposures; and (2) weaker capital metrics following the merger with Banco Mare Nostrum, S.A. The BCA also reflects Bankia's successful de-risking track record and its proven strong capital generation capacity.

The upgrade of Bankia's debt and deposit ratings is also driven by changes to Moody's Advanced LGF analysis, which now indicates a very low-loss-given failure for deposits, and a low loss-given-failure for senior unsecured debt, following the issuance of EUR500 million of subordinated debt and EUR750 million of Additional Tier 1 bonds in 2017.

The outlook on Bankia's long-term debt and deposit ratings is now stable, reflecting Moody's view that the current ratings already capture the expected performance of the bank's financial fundamentals.

-- BANCO SABADELL

Moody's has affirmed the deposit ratings of Banco Sabadell at Baa2/Prime-2 and changed the outlook on the long-term ratings to positive from stable. The bank's long-term senior unsecured debt ratings of Baa3 with positive outlook remain unchanged.

Banco Sabadell's long-term deposit and senior unsecured debt ratings of Baa2/Baa3 reflect: (1) the bank's BCA of ba2; (2) a two-notch and one-notch rating uplift, respectively, from Moody's Advanced LGF analysis; and (3) Moody's assumption of a moderate probability of government support from Spain, which translates into a one-notch uplift for both ratings.

The positive outlook on Banco Sabadell's long-term deposit and senior unsecured debt ratings reflects Moody's expectation that the bank's credit profile will continue to improve over the next 12-18 months.

-- BANCO POPULAR

Moody's has upgraded the deposit ratings of Banco Popular to Baa2/Prime-2 from Baa3/Prime-3 and the long-term senior unsecured debt programme rating to (P)Baa2 from (P)Baa3. The outlook on the long-term deposit ratings remains positive.

The upgrade of the long-term deposit and senior unsecured debt programme ratings to Baa2 and (P)Baa2 respectively reflects: (1) the bank's BCA of caa1; (2) a very high likelihood of affiliate support from its parent Banco Santander, resulting in a four-notch uplift and an adjusted BCA of ba3; (3) the three-notches of uplift from Moody's Advanced LGF analysis of Banco Santander; and (4) Moody's assumption of a moderate probability of support from Spain's government, in line with Moody's assumption for the whole Banco Santander group. Following the upgrade of Spain's sovereign rating, Banco Popular's deposit and senior unsecured programme ratings will benefit from one notch of government support, from no government support uplift previously.

The positive outlook on Banco Popular's long-term deposit ratings primarily reflects the potential for the bank's risk profile to improve, and for its ratings to converge with those of its parent over time as the integration of its business and operations into the group progresses.

-- CAJA RURAL DE NAVARRA

Moody's has upgraded Caja Rural de Navarra's long-term deposit ratings to Baa1 from Baa2 with a stable outlook.

The upgrade of the ratings reflects: (1) the upgrade of the bank's BCA and adjusted BCA to baa1 from baa2; (2) Moody's Advanced LGF analysis that results in no uplift for deposits from the bank's baa1 adjusted BCA; and (3) Moody's assumption of a low probability of government support from Spain, which also results in no uplift for the bank's deposit ratings.

Moody's decision to upgrade Caja Rural de Navarra's BCA to baa1 follows the upgrade of Spain's sovereign rating to Baa1, which has lifted the constraint on the bank's BCA at baa2. As per Moody's methodology, a bank's BCA will not typically exceed the sovereign rating without any factor that reduces the dependency between the creditworthiness of the bank and the sovereign. Caja Rural de Navarra's BCA of baa1 reflects the bank's solid credit fundamentals, namely its strong asset quality indicators, comfortable capital levels and adequate funding and liquidity profile.

The outlook on Caja Rural de Navarra's long-term deposit ratings is stable, reflecting Moody's view that the current ratings already capture the expected performance of the bank's financial fundamentals.

-- INSTITUTO DE CREDITO OFICIAL

Moody's has upgraded to Baa1 from Baa2 the backed long-term senior unsecured debt ratings of ICO. The bank's short-term Commercial Paper ratings have been affirmed at Prime-2. Given that ICO's liabilities are explicitly, irrevocably, directly and unconditionally guaranteed by the Government of Spain, the upgrade of the long-term debt ratings to Baa1 with a stable outlook follows the change in Spain's sovereign ratings.

-- COUNTERPARTY RISK ASSESSMENTS

According to Moody's methodology, the CRA will not typically exceed the sovereign's own rating by more than one notch, or two notches where the adjusted BCA is already above the sovereign rating. The upgrade of Spain's sovereign rating by one notch has therefore translated into a one notch upgrade of the long-term CRA of BBVA, Bankinter, Kutxabank, Banca March and Caja Rural de Navarra. At A3(cr)/Prime-2(cr), the CRAs of Banco Santander and SCF remain constrained by the sovereign rating, and have been affirmed at that level.

The CRAs of Bankia, Banco Sabadell and Banco Popular now benefit from one notch of government support, instead of no government support uplift previously.

FACTORS THAT COULD LEAD TO AN UPGRADE

The banks' standalone BCAs could be upgraded as a consequence of a sustained recovery in recurrent profitability levels, while maintaining current improving trends of asset risk indicators, with an ongoing reduction in the stock of problematic assets. The banks' BCAs could also be upgraded on the back of stronger Tangible Common Equity (TCE) levels.

As the banks' debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings.

The banks' deposit and senior debt ratings could also experience upward pressure from movements in the loss-given-failure faced by these securities.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on the banks' BCAs could develop as a result of: (1) the reversal in current asset risk trends with an increase in the stock of nonperforming loans (NPLs) and/or other problematic exposures; (2) a weakening of banks' internal capital-generation and risk-absorption capacity as a result of subdued profitability levels; and/or (3) a deterioration in the banks' liquidity position.

As the banks' debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings.

The bank's deposit and senior debt ratings could also experience downward pressure from movements in the loss-given-failure faced by these securities.

LIST OF AFFECTED RATINGS

Issuer: Banco Santander S.A. (Spain)

..Upgrade:

....Long-term Issuer Rating, upgraded to A2 Stable from A3 Stable

....Long-term Bank Deposits, upgraded to A2 Stable from A3 Stable

....Short-term Bank Deposits, upgraded to P-1 from P-2

....Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Senior Unsecured Shelf, upgraded to (P)A2 from (P)A3

....Commercial Paper, upgraded to P-1 from P-2

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

..Outlook Action:

....Outlook remains Stable

Issuer: Santander International Products PLC

..Upgrades:

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to A2 Stable from A3 Stable

....Backed Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Backed Commercial Paper, upgraded to P-1 from P-2

....Backed Other Short Term, upgraded to (P)P-1 from (P)P-2

..Outlook Action:

....Outlook remains Stable

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

..Upgrades:

....Long-term Deposit Note/CD Program, upgraded to (P)A2 from (P)A3

....Short-term Deposit Note/CD Program, upgraded to (P)P-1 from (P)P-2

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

..No Outlook assigned

Issuer: Emisora Santander Espana S.A.U

..Upgrades:

....Backed Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to A2 Stable from A3 Stable

..Outlook Action:

....Outlook remains Stable

Issuer: Santander Central Hispano International Ltd

..Upgrades:

....Backed Commercial Paper, upgraded to P-1 from P-2

....Backed Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Backed Other Short Term, upgraded to (P)P-1 from (P)P-2

No outlook assigned

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

..Upgrades:

....Senior Unsecured Regular Bond/Debenture, upgraded to A2 Stable from A3 Stable

..Outlook Action:

....Outlook remains Stable

Issuer: Santander US Debt, S.A. Unipersonal

..Upgrade:

....Senior Unsecured Regular Bond/Debenture, upgraded to A2 Stable from A3 Stable

..Outlook Action:

....Outlook remains Stable

Issuer: Banco Bilbao Vizcaya Argentaria, S.A.

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Issuer Rating, affirmed Baa1, outlook changed to Positive from Stable

....Long-term Bank Deposits, affirmed A3, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Senior Unsecured Shelf, affirmed (P)Baa1

....Other Short Term, affirmed (P)P-2

....Commercial Paper, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Banco Bilbao Vizcaya Argentaria, SA London Br

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmation:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Bank Deposits, affirmed A3, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

....Commercial Paper, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Banco Bilbao Vizcaya Argentaria, SA Paris Br

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Bank Deposit, affirmed A3, outlook changed to Positive from Stable

....Short-term Bank Deposit, affirmed P-2

....Commercial Paper, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Banco Bilbao Vizcaya Argentaria,SA, New York

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Bank Deposits, affirmed A3, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: BBVA Global Markets B.V.

..Affirmations:

....Backed Other Short Term, affirmed (P)P-2

....Backed Senior Unsecured Medium-Term Note Program, affirmed (P)Baa1

....Backed Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Catalunya Banc SA (Debts assumed by Banco Bilbao Vizcaya Argentaria, S.A.)

..Affirmations:

....Senior Unsecured Regular Bond/Debenture, affirmed Baa1, outlook changed to Positive from Stable

..No Outlook assigned

Issuer: Banco Popular Espanol, S.A.

..Upgrades:

....Long-term Counterparty Risk Assessment, upgraded to Baa2(cr) from Baa3(cr)

....Short-term Counterparty Risk Assessment, upgraded to P-2(cr) from P-3(cr)

....Long-term Bank Deposits, upgraded to Baa2 Positive from Baa3 Positive

....Short-term Bank Deposits, upgraded to P-2 from P-3

....Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa2 from (P)Baa3

....Other Short Term, upgraded to (P)P-2 from (P)P-3

..Outlook Action:

....Outlook remains Positive

Issuer: BPE Finance International Limited

..Upgrade:

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to Baa2 Positive from Baa3 Positive

..Outlook Action:

....Outlook remains Positive

Issuer: BPE Financiaciones, S.A.

..Upgrades:

....Backed Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa2 from (P)Baa3

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to Baa2 Positive from Baa3 Positive

..Outlook Action:

....Outlook remains Positive

Issuer: Santander Consumer Finance S.A.

..Upgrades:

....Long-term Bank Deposit, upgraded to A2 Stable from A3 Stable

....Short-Term Bank Deposit, upgraded to P-1 from P-2

....Senior Unsecured Regular Bond/Debenture, upgraded to A2 Stable from A3 Stable

....Senior Unsecured Medium-Term Note Program, upgraded to (P)A2 from (P)A3

....Commercial Paper, upgraded to A2 from A3

....Commercial Paper, upgraded to P-1 from P-2

..Affirmations:

....Long-term Counterparty Risk Assessment, affirmed A3(cr)

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

..Outlook Actions:

....Outlook, Remains Stable

Issuer: Santander Consumer Bank S.p.A.

..Upgrades:

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to A2 Stable from A3 Stable

..Outlook Action:

....Outlook remains Stable

Issuer: CaixaBank, S.A.

..Upgrades:

....Long-term Bank Deposits, upgraded to Baa1 Stable from Baa2 Positive

..Affirmations:

....Short-term Bank Deposits, affirmed P-2

....Long-term Issuer Rating, affirmed Baa2, outlook changed to Positive from Stable

....Senior Unsecured Regular Bond/Debenture, affirmed Baa2, outlook changed to Positive from Stable

....Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

....Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook changed to Stable(m) from Positive(m)

Issuer: Banco Sabadell, S.A.

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to Baa1(cr) from Baa2(cr)

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Bank Deposits, affirmed Baa2, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable(m)

Issuer: Banco Sabadell S.A., London Branch

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to Baa1(cr) from Baa2(cr)

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Long-term Bank Deposit, affirmed Baa2, outlook changed to Positive from Stable

....Short-term Bank Deposits, affirmed P-2

..Outlook Action:

....Outlook changed to Positive from Stable

Issuer: Bankinter, S.A.

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmation:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

No outlook action

Issuer: Banca March S.A.

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmation:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

No outlook action

Issuer: Kutxabank, S.A.

..Upgrade:

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

..Affirmation:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

No outlook action

Issuer: Instituto de Credito Oficial

..Upgrades:

....Backed Commercial Paper, upgraded to Baa1 from Baa2

....Backed Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa1 from (P)Baa2

....Backed Senior Unsecured Regular Bond/Debenture, upgraded to Baa1 Stable from Baa2 Stable

..Affirmations:

....Backed Commercial Paper, affirmed P-2

....Backed Other Short Term, affirmed (P)P-2

..Outlook Action:

....Outlook remains Stable

Issuer: Caja Rural de Navarra

..Upgrades:

....Adjusted Baseline Credit Assessment, upgraded to baa1 from baa2

....Baseline Credit Assessment, upgraded to baa1 from baa2

....Long-term Counterparty Risk Assessment, upgraded to A3(cr) from Baa1(cr)

....Long-term Bank Deposits, upgraded to Baa1 Stable from Baa2 Stable

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

....Short-term Bank Deposit, affirmed P-2

..Outlook Action:

....Outlook remains Stable

Issuer: Bankia, S.A.

..Upgrades:

....Long-term Counterparty Risk Assessment, upgraded to Baa1(cr) from Baa2(cr)

....Long-term Bank Deposits, upgraded to Baa2 Stable from Baa3 Developing

....Short-term Bank Deposits, upgraded to P-2 from P-3

....Senior Unsecured Regular Bond/Debenture, upgraded to Baa3 Stable from Ba1 Developing

....Senior Unsecured Medium-Term Note Program, upgraded to (P)Baa3 from (P)Ba1

....Commercial Paper, upgraded to P-3 from NP

..Affirmations:

....Short-term Counterparty Risk Assessment, affirmed P-2(cr)

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

....Preferred Stock Non-cumulative, affirmed B2(hyb)

....Adjusted Baseline Credit Assessment, affirmed ba2

....Baseline Credit Assessment, affirmed ba2

..Outlook Action:

....Outlook changed to Stable from Developing

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Bankia, S.A., Caja Rural de Navarra, Banco Santander S.A. (Spain), Banco Santander, S.A., London Branch, Emisora Santander Espana S.A.U, Santander Central Hispano International Ltd, Santander Int'l Debt, S.A. Unipersonal, Santander International Products PLC, Santander US Debt, S.A. Unipersonal, CaixaBank, S.A., Santander Consumer Bank S.p.A., Santander Consumer Finance S.A., Banco Sabadell S.A., London Branch, Banco Sabadell, S.A., BPE Finance International Limited, BPE Financiaciones, S.A., Banco Popular Espanol, S.A., Banca March S.A., Banco Bilbao Vizcaya Argentaria, S.A., Banco Bilbao Vizcaya Argentaria, SA London Br, Banco Bilbao Vizcaya Argentaria, SA Paris Br, Banco Bilbao Vizcaya Argentaria,SA, New York, BBVA Global Markets B.V., Catalunya Banc SA, Bankinter, S.A. and Kutxabank, S.A. was Banks published in September 2017. The principal methodology used in rating Instituto de Credito Oficial was Government-Related Issuers published in August 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

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
Client Service: 44 20 7772 5454

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

No Related Data.
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