In our view, Spanish banks have absorbed most of the credit losses associated with the correction in the real estate market and the double-dip recession and we expect the property market to bottom-out in 2014. We now have a positive view on the economic risk trend for the Spanish banking industry. This trend is supportive of Caixabank's credit quality, but it is unlikely to translate into a prospect of a higher rating for Caixabank unless we envisage a greater improvement of the bank's capital position than currently and we revise to positive our outlook on Spain. We are therefore affirming our 'BBB-/A-3' counterparty credit ratings on Caixabank S.A. The outlook remains stable, reflecting our expectation that Caixabank should be able
