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Research Update: CaixaBank Hybrids 'BB+' Ratings Put On Watch Neg; 'BBB+/A-2' Ratings Affirmed On Announced Merger With Banca Civica

Published Mar 30, 2012

2478 words — Published Mar 30, 2012

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Abstract:

On March 26, 2012, Spain's CaixaBank S.A. announced it has reached a preliminary merger agreement with Spanish bank Banca Cívica S.A. We are placing our 'BB+' issue ratings on CaixaBank's hybrid instruments on CreditWatch negative. The CreditWatch reflects the potentially negative effect of the merger with Banca Cívica on our assessment of CaixaBank's capital and earnings, and consequently of its stand-alone credit profile (SACP). We are also affirming our 'BBB+/A-2' long- and short-term ratings on CaixaBank and our 'BBB-/A-3' long and short-term ratings on parent holding company Caja de Ahorros y Pensiones de Barcelona (la Caixa). The outlooks on the long-term ratings are stable. The stable outlooks reflect that our long- and short-term ratings on CaixaBank and la Caixa would

Brief Excerpt:

RESEARCH Research Update: CaixaBank Hybrids '##+' Ratings Put On Watch Neg; '###+/A-2' Ratings Affirmed On Announced Merger With Banca Civica Publication date: 30-Mar-2012 Primary Credit Analyst: Luigi Motti, Madrid (34) 91-788-7234;...

Report Type:

Research Update

Ticker

CRI@SM

Issuer

CaixaBank, S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Spain

Region

Europe, Middle East, Africa

Format:

PDF

Ratings Affirmed On CaixaBank?s Spanish Mortgage Covered Bonds Following Rating Action On Bank – 2012/04/03 – US$ 150.00

Research Update: CaixaBank S.A. 'BBB+', la Caixa 'BBB-/A-3' Ratings Remain On CreditWatch Negative After Spanish Banking Sector Review – 2012/05/25 – US$ 225.00

CaixaBank Ratings Lowered To 'BBB' And La Caixa To 'BB+' On Integration Of Civica; Outlooks Negative – 2012/08/03 – US$ 150.00

Research Update: CaixaBank Ratings Lowered To 'BBB' And La Caixa To 'BB+' On Integration Of Civica; Outlooks Negative – 2012/08/03 – US$ 225.00

CaixaBank Spanish Mortgage Covered Bond Ratings Affirmed At 'AA+' On Acquisition Of Banca Civica; Outlook Negative – 2012/08/03 – US$ 150.00

CaixaBank Hybrids 'BB+' Ratings Put On Watch Neg; 'BBB+/A-2' Ratings Affirmed On Announced Merger With Banca Civica – 2012/03/30 – US$ 150.00

Summary: CaixaBank S.A. – 2012/03/27 – US$ 225.00

CaixaBank S.A. – 2012/03/23 – US$ 500.00

Research Update: Spain-Based CaixaBank Downgraded To 'BBB+/A-2' After Sovereign Downgrade; Outlook Stable – 2012/02/13 – US$ 225.00

Research Update: Spain-Based CaixaBank Long-Term Rating Lowered To 'A' On Bank Criteria Change; Still On CreditWatch Negative – 2011/12/15 – US$ 225.00

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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: CaixaBank Hybrids 'BB+' Ratings Put On Watch Neg; 'BBB+/A-2' Ratings Affirmed On Announced Merger With Banca Civica" Mar 30, 2012. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CaixaBank-Hybrids-BB-Ratings-Put-On-Watch-Neg-BBB-A-2-Ratings-Affirmed-On-Announced-Merger-With-Banca-Civica-952865>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: CaixaBank Hybrids 'BB+' Ratings Put On Watch Neg; 'BBB+/A-2' Ratings Affirmed On Announced Merger With Banca Civica Mar 30, 2012. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-CaixaBank-Hybrids-BB-Ratings-Put-On-Watch-Neg-BBB-A-2-Ratings-Affirmed-On-Announced-Merger-With-Banca-Civica-952865>

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