OVERVIEW On Aug. 3, 2012, we lowered to 'BBB' from 'BBB+' our long-term rating on CaixaBank after the legal completion of its acquisition of Banca Cívica. We have consequently raised our long- and short-term ratings on Banca Cívica to 'BBB/A-2' from 'BB/B' and then subsequently withdrew the ratings as the bank is now fully integrated with CaixaBank. As a result of these rating actions, we have today raised to 'AA+' from 'A+' and removed from CreditWatch positive our ratings on all issuances of Banca Cívica's mortgage covered bonds. We subsequently withdrew our ratings on Banca Cívica's mortgage covered bonds, as the entity's assets and liabilities have now been transferred and are fully consolidated within CaixaBank. Additionally, we have affirmed our
