A large portfolio of listed shareholdings provides financial flexibility Key listed investments generally show good creditworthiness Strong portfolio diversity Supportive ownership structure Our expectation of modest gearing over the cycle Portfolio values dependent on stock market movements Some exposure toward wholly-owned businesses Gearing relatively near its threshold, providing little headroom for new investments or falling equity values Standard&Poor's Ratings Services' ratings on Spain-based investment holding company Criteria CaixaCorp S.A. (Criteria) reflect Criteria's conservative capital structure, good financial flexibility, and above-average portfolio quality characteristics. Our ratings on Criteria are one-notch above our assessment of its stand-alone credit profile, in order to reflect Criteria's current ownership structure--with Caja de Ahorros y Pensiones de Barcelona (la Caixa; AA-/Negative/A-1+) holding about 80%
