On Sept. 26, 2017, the European Central Bank confirmed that holding company Criteria Caixa S.A.U. (Criteria) no longer has a controlling influence over CaixaBank S.A., and therefore the bank will deconsolidate from Criteria for regulatory purposes. We are also revising our perimeter of analysis for CaixaBank and moving it to the operating company level. This change does not have a material impact on our view of the bank's creditworthiness and we are therefore affirming our 'BBB/A-2' long- and short-term ratings on the bank. The positive outlook continues to reflect the possibility of an upgrade if we see a more supportive economic and operating environment in Spain and assumes the bank will be able to manage the challenges resulting from heightened
