Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have lowered our long-term ratings on Spain-based CaixaBank, S.A. (CaixaBank) to 'A' from 'A+'. We have also lowered the long-term rating on CaixaBank's parent company, Caja de Ahorros y Pensiones de Barcelona (la Caixa), to 'BBB+' from 'A-'. Our long- and short-term ratings on CaixaBank and la Caixa remain on CreditWatch with negative implications, where they were placed on Dec. 8, 2011, following a similar action on the Kingdom of Spain. The ratings on CaixaBank factor in a 'bbb' anchor for banks operating exclusively in Spain, and our view of its strong business position, adequate capital and earnings, strong risk position, average funding, and adequate
