Transfer of real estate assets to SAREB (the "bad bank" created by the Spanish government). Solid franchise in home region of Galicia. Recent privatization and ownership change adds pressure to business stability and overall business position. High reliance on extraordinary financing facilities from the European Central Bank (ECB). Weaker risk position than average levels in the Spanish banking system. Remains subject to restructuring plan. The stable outlook on Abanca Corporación Bancaria, S.A. (Abanca)--formerly known as NCG Banco S.A.--balances our view of the possible decrease in potential extraordinary government support for European banks--for which we incorporate a one-notch uplift in Abanca's ratings--against our expectations that Abanca's risk profile could improve toward the sector average in Spain over the medium term. In
