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Research Update: Bankia, BFA Subordinated Debt Lowered To 'CCC-' and 'CC' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative

Published Jun 08, 2012

1867 words — Published Jun 08, 2012

Price US$ 225.00 | Buy this Report Now

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Abstract:

On May 25, 2012, Bankia S.A. and its parent company Banco Financiero y de Ahorros S.A. (BFA) published a restatement of their 2011 financial accounts to show substantial losses, impairing its consolidated capital, which is now noncompliant with minimum regulatory capital ratios. Since Bankia now benefits from regulatory forbearance, we are revising its stand-alone credit profile to 'ccc+' from 'b+'. As a result, we are lowering our issue ratings on Bankia's nondeferrable subordinated debt to 'CCC-' from 'B-' and on BFA's to 'CC' from 'CCC+'. The ratings were removed from CreditWatch negative. We are keeping our 'BB+' long-term counterparty credit rating on Bankia and our 'B+' long-term counterparty credit rating on BFA on CreditWatch negative. The CreditWatch negative reflects the

Brief Excerpt:

RESEARCH Research Update: Bankia, BFA Subordinated Debt Lowered To '###-' and '##' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative Publication date: 08-Jun-2012 Primary Credit Analyst: Elena Iparraguirre, Madrid (34)...

Report Type:

Research Update

Ticker

BKIA@SM

Issuer

Bankia S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Spain

Region

Latin America

Format:

HTML

Research Update: Bankia's Nondeferrable Subordinated Debt Lowered To 'CC'; Long-Term Ratings On Bankia And BFA Kept On Watch Negative – 2012/08/07 – US$ 225.00

Bankia's Mortgage Covered Bonds Downgraded To 'A-' On Lower Overcollateralization; Remain On CreditWatch Negative – 2012/10/04 – US$ 150.00

Research Update: Bankia S.A. And Parent Banco Financiero y de Ahorros S.A. Remain On CreditWatch Negative As Spain's Economic Risk Rises – 2012/11/23 – US$ 225.00

Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative – 2013/03/25 – US$ 150.00

Research Update: Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative – 2013/03/25 – US$ 225.00

Bankia, BFA Subordinated Debt Lowered To 'CCC-' and 'CC' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative – 2012/06/08 – US$ 150.00

Research Update: Bankia Ratings Lowered To 'BB+/B', BFA L-T To 'B+' On Spanish Banking Sector Review; L-T Ratings Still On Watch Negative – 2012/05/25 – US$ 225.00

Bankia, BFA Ratings Kept On Watch Negative On President Resignation, Capital Plan; BFA 'B' S-T Rating On Watch Negative – 2012/05/10 – US$ 150.00

Various Rating Actions On Four Spanish Mortgage Covered Bond Programs After Downgrade Of Issuing Banks – 2012/05/10 – US$ 150.00

Research Update: Bankia, BFA Ratings Kept On Watch Negative On President Resignation, Capital Plan; BFA 'B' S-T Rating On Watch Negative – 2012/05/10 – US$ 225.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: Bankia, BFA Subordinated Debt Lowered To 'CCC-' and 'CC' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative" Jun 08, 2012. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Bankia-BFA-Subordinated-Debt-Lowered-To-CCC-and-CC-On-Restated-2011-Accounts-L-T-Ratings-Kept-On-Watch-Negative-974263>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Bankia, BFA Subordinated Debt Lowered To 'CCC-' and 'CC' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative Jun 08, 2012. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Bankia-BFA-Subordinated-Debt-Lowered-To-CCC-and-CC-On-Restated-2011-Accounts-L-T-Ratings-Kept-On-Watch-Negative-974263>

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