Solid retail banking franchise in Spain. Restructuring plan intended to lead to more stable and less risky business and financial profiles. Likelihood of Bankia S.A. receiving further state assistance if needed, given its high systemic importance in Spain. Moderate capitalization. Weaker asset quality track record than peers during the downturn. High reliance on ECB funding support, which will take time to unwind. The negative outlook on Bankia indicates that we may lower the long-term ratings by year-end 2015 by one notch if we consider that extraordinary government support is less predictable under the new EU legislative framework, and as a result we believe there is a greater likelihood that senior unsecured liabilities could incur losses if the bank were to
