On June 30, 2011, Spanish savings bank la Caixa legally completed the transfer of all of its banking assets and most of its liabilities to its subsidiary CaixaBank (formerly Criteria CaixaCorp). CaixaBank is a listed commercial bank initially 81% owned by la Caixa, and has become the main operating entity of the group, while la Caixa will operate as a quasi-holding company. We are raising our long-term rating on CaixaBank to 'A+' from 'A' and affirming our 'A-1' short-term rating on the bank. We are lowering our long- and short-term ratings on la Caixa to 'A-/A-2' from 'A+/A-1'. On July 1, 2011, Standard&Poor's Ratings Services took the following rating actions: We have raised our long-term counterparty credit rating
