Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Bankia S.A.

Research Update: Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative

Published Mar 25, 2013

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About This Report

Abstract:

Bankia S.A. and its parent Banco Financiero y de Ahorros S.A. (BFA) have announced a consolidated loss of €21 billion for 2012. The group has transferred €22 billion of net problematic assets to Sareb and received, in December 2012, a €13.5 billion capital injection from the state, adding to the €4.5 billion received in September. Recapitalization measures, including an upcoming conversion of hybrid instruments into equity, will strengthen capital but not to the extent that we previously expected. We are lowering our long-term ratings on Bankia and BFA by one notch to 'BB-' and 'B-', respectively. We are also lowering our short-term rating on BFA to 'C' from 'B'. The negative outlook reflects the difficult operating environment and the risk

Report Type:

Research Update

Ticker

BKIA@SM

Issuer

Bankia S.A.

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Spain

Region

Latin America

Format:

HTML

Spain-Based Bankia S.A.'s Mortgage Covered Bonds Downgraded To 'BBB'; CreditWatch Revised To Developing – 2013/04/02 – US$ 150.00

Ratings On Bankia Spanish Mortgage Covered Bonds Affirmed At 'BBB'; Off Watch; Outlook Negative – 2013/05/29 – US$ 150.00

Ratings On Bankia And Banco Financiero y de Ahorros Affirmed Upon Completion Of Recapitalization Plan; Outlook Neg – 2013/06/21 – US$ 150.00

Research Update: Ratings On Bankia And Banco Financiero y de Ahorros Affirmed Upon Completion Of Recapitalization Plan; Outlook Neg – 2013/06/21 – US$ 225.00

Transaction Update: Bankia S.A. Mortgage Covered Bonds – 2013/10/01 – US$ 375.00

Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative – 2013/03/25 – US$ 150.00

Research Update: Bankia S.A. And Parent Banco Financiero y de Ahorros S.A. Remain On CreditWatch Negative As Spain's Economic Risk Rises – 2012/11/23 – US$ 225.00

Bankia's Mortgage Covered Bonds Downgraded To 'A-' On Lower Overcollateralization; Remain On CreditWatch Negative – 2012/10/04 – US$ 150.00

Research Update: Bankia's Nondeferrable Subordinated Debt Lowered To 'CC'; Long-Term Ratings On Bankia And BFA Kept On Watch Negative – 2012/08/07 – US$ 225.00

Bankia, BFA Subordinated Debt Lowered To 'CCC-' and 'CC' On Restated 2011 Accounts; L-T Ratings Kept On Watch Negative – 2012/06/08 – US$ 150.00

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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: Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative" Mar 25, 2013. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Spain-Based-Bankia-And-BFA-Downgraded-One-Notch-On-Lower-Capital-Strengthening-Than-Expected-Outlook-Negative-1101507>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Spain-Based Bankia And BFA Downgraded One Notch On Lower Capital Strengthening Than Expected; Outlook Negative Mar 25, 2013. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Spain-Based-Bankia-And-BFA-Downgraded-One-Notch-On-Lower-Capital-Strengthening-Than-Expected-Outlook-Negative-1101507>

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