On Feb. 17, 2015, Caixabank S.A. launched a tender offer to acquire the 55.9% stake it does not already own of Portugal-based Banco BPI. Completion of the deal is contingent on Banco BPI's shareholders approving the removal of current limitations on voting rights. Specific details on how Caixabank plans to restore its capital post-transaction have not been disclosed. We are placing the 'BBB/A-2' long- and short-term ratings on Caixabank on CreditWatch with negative implications and the 'BB-' long-term ratings on Banco BPI on CreditWatch with positive implications. We expect to resolve the CreditWatch placements when we have more visibility on the likelihood of the deal going through and its potential financial implications, notably for Caixabank's capitalization. On Feb. 20, 2015,
