Bulletin: Bankia And BFA Ratings Remain On CreditWatch Positive Pending Merger Completion

MADRID (S&P Global Ratings) Dec. 16, 2020--S&P Global Ratings said today that its ratings on Spanish bank Bankia S.A. and its nonoperating holding company BFA Tenedora de Acciones S.A.U. remain on CreditWatch, where they were placed with positive implications on Sept. 23, 2020 (see "Spain-Based CaixaBank Affirmed As Merger With Bankia Announced; Bankia Placed On CreditWatch Positive," published on RatingsDirect). CaixaBank S.A. and Bankia S.A.'s boards agreed an all-share merger on Sept. 17, 2020. Upon completion, Bankia is to be absorbed by CaixaBank, with all of its assets and liabilities being transferred to the acquiring entity. It will cease to exist as a separate entity. The merger was recently approved at extraordinary shareholders meetings for both banks in early December

...December 16, 2020 MADRID (S&P Global Ratings) Dec. 16, 2020--S&P Global Ratings said today that its ratings on Spanish bank Bankia S.A. and its nonoperating holding company BFA Tenedora de Acciones S.A.U. remain on CreditWatch, where they were placed with positive implications on Sept. 23, 2020 (see "Spain-Based CaixaBank Affirmed As Merger With Bankia Announced; Bankia Placed On CreditWatch Positive," published on RatingsDirect). CaixaBank S.A. and Bankia S.A.'s boards agreed an all-share merger on Sept. 17, 2020. Upon completion, Bankia is to be absorbed by CaixaBank, with all of its assets and liabilities being transferred to the acquiring entity. It will cease to exist as a separate entity. The merger was recently approved at extraordinary shareholders meetings for both banks in early December 2020 and is now pending the authorities' approval. We expect to resolve the CreditWatch placement once the transaction is completed and approved by relevant authorities, which we anticipate will...

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