Strong portfolio liquidity, with about three-quarters of investments being in listed equities. Supportive ownership structure. Strong asset quality, with 75% of investments in the equity of companies with investment-grade counterparty credit ratings. About one-quarter of investments in businesses that are wholly owned and unlisted. Operation close to gearing threshold. Standard&Poor's Ratings Services' ratings on Spain-based investment holding company Criteria CaixaCorp S.A. (Criteria) primarily reflect the quality of its portfolio, which we view as having strong liquidity and asset quality. In addition to the financial flexibility provided by these portfolio characteristics, the rating also incorporates a one-notch uplift from the company's stand-alone credit profile for ownership support. This stems from Criteria's ownership structure, with Caja de Ahorros y Pensiones
