Solid retail banking franchise in Spain. Restructuring plan intended to lead to more stable, less risky business and financial profiles. Likelihood of Bankia S.A. receiving further state assistance if needed, given its high systemic importance in Spain. Stretched capitalization. Weaker asset quality track record than peers during the downturn. High reliance on European Central Bank (ECB) funding support, which will take time to unwind. The positive outlook on Bankia, which is the group's core operating subsidiary, reflects the possibility that Standard&Poor's Ratings Services could raise the ratings during the next 12 months if economic risks in Spain ease and the group's capital continue to strengthen in line with our expectations. However, we would only consider an upgrade if
