On May 23, 2014, Standard&Poor's raised its long- and short-term sovereign credit ratings on Spain to 'BBB/A-2' from 'BBB-/A-3'. The outlook is stable. The prospects for stronger economic growth and a gradual recovery in employment growth in Spain could contribute to restoring the financial strength of the corporate and household sectors, and ultimately reduce credit risk for banks. We maintain a positive view of the economic risk trend for the Spanish banking system. We are revising to positive from negative our outlook on Bankia S.A. and its holding parent company Banco Financiero y de Ahorros S.A. The positive outlook reflects the possibility of an upgrade if the positive economic risk trend materializes in an improvement of our economic
