Solid banking franchise in Spain, with more than an 11% market share. Enhanced risk management, which will benefit future credit performance. Balanced funding structure. Modest core operating profitability amid the current low interest rate environment. Need to continue extracting revenues and enforcing efficiency from the acquired Banco Mare Nostrum (BMN). Relatively high--although declining--stock of problematic assets, despite a substantial transfer to Spain's bad bank SAREB in 2012. The stable outlook reflects our view that, over the next 18-24 months, Bankia will remain focused on improving its returns amid still-muted volume growth and extremely low interest rates, and that it will maintain adequate capitalization. We anticipate that return on equity before minority interests will increase to a high-single-digit level by end-2021,
