On June 18, 2015, CaixaBank S.A. announced its decision not to proceed with the launch of a tender offer on Banco BPI S.A. (BPI) given that BPI's general assembly declined to remove the existing limitation on voting rights. We believe this event could trigger a change in ownership at BPI over the next 18 months. We have consequently affirmed our 'BBB/A-2' ratings on CaixaBank and our 'BB-/B' ratings on BPI and its core subsidiary, Banco Portugues de Investimento S.A., and we removed all of these ratings from CreditWatch. The stable outlook on CaixaBank primarily reflects that the gradual strengthening of the bank's business and financial profiles, in a more supportive economy, is unlikely to be material enough to result in
