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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

Published May 25, 2012

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About This Report

Abstract:

We have reviewed the wider implications for the Spanish banking sector following our two-notch downgrade of the Kingdom of Spain (BBB+/Negative/A-2). As a result, we have maintained our Banking Industry Country Risk Assessment on Spain at group '5' and revised our economic risk score to '6' from '5'. We have also reviewed our assessment of expected government support following an announcement on May 14, 2012, by Spain's Fondo de Restructuración Ordenada Bancaria (FROB) that it accepted the request made by Banco Financiero y de Ahorros S.A. (BFA; Bankia group holding company) to convert into share capital the preference shares it holds in BFA. We have also assessed the likelihood of the group receiving additional state funds to comply with the

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:

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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, BFA Subordinated Debt Lowered To 'CCC-' and 'CC' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative – 2012/06/08 – US$ 225.00

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

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

Ratings On Bankia's Spanish Mortgage Covered Bonds Lowered Following Rating Action On Bank – 2012/02/21 – US$ 150.00

Research Update: Bankia Downgraded To 'BBB-/A-3', BFA L-T Rating Lowered To 'BB-' On Spain Downgrade And BICRA Change; Outlook Negative – 2012/02/13 – 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 Ratings Lowered To 'BB+/B', BFA L-T To 'B+' On Spanish Banking Sector Review; L-T Ratings Still On Watch Negative" May 25, 2012. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/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-970306>

APA:	S&P Global Ratings’ Credit Research. (). 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 May 25, 2012. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/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-970306>

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