Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have lowered our long-term rating on Spain-based Bankia S.A. to 'BBB+' from 'A-'. At the same time, we affirmed our 'A-2' short-term rating and removed it from CreditWatch with negative implications, where it was placed on Dec. 8, 2011. We have also lowered the long- and short-term ratings on Bankia's controlling holding company Banco Financiero y de Ahorros S.A. (BFA) to 'BB+/B' from 'BBB-/A-3'. Our long-term ratings on Bankia and BFA remain on CreditWatch with negative implications, where they were placed on Dec. 8, 2011, following a similar action on the Kingdom of Spain. The ratings on Bankia factor in our 'bbb' anchor for banks
