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 affirming our 'BBB-/A-3' long- and short-term ratings on Caixabank. We are revising our outlook to positive from stable, reflecting our belief that improving economic prospects for Spanish banks could bolster our view of the bank's creditworthiness. The unsolicited 'BB' long-term ratings on Caixabank's
