CaixaBank, S.A.

The positive outlook indicates that we could raise our long- and short-term ratings on CaixaBank by one notch over the next 18-24 months, which would align them with our sovereign ratings on Spain. We could raise the ratings if we revise our assessment of industry risk in the Spanish banking industry positively, so that we raise the anchor for banks operating primarily in Spain, and CaixaBank preserves its solid profitability, enjoying the benefits of its powerful retail franchise and dominant market position in Spain. Alternatively, we could raise our ratings if CaixaBank delivers on its funding plans, building and sustaining a buffer of subordinated bail-inable debt above 6% of S&P Global Ratings' risk-weighted assets (RWAs). This would make it eligible

... and insurance franchise in Spain, and solid performance support the bank's creditworthiness. CaixaBank's powerful franchise across Spain and its dominant domestic market position, with market shares in loans and deposits of about 25%, significantly benefit its credit profile. Additionally, Caixabank owns large and expanding insurance operations (100% owned VidaCaixa S.A. and 49.9% owned SegurCaixa Adeslas), which are leading providers in life and property/casualty (P/C) insurance, respectively. The bank benefits from solid earnings generation capacity, and we believe that it will broadly achieve management's updated targets set out in its 2022-2024 business plan. However, compared to its closest domestic peers, CaixaBank's business remains geographically concentrated in Spain and Portugal....

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