Sensible strategic plan and solid franchise in Galicia. Strengthened capital following state injection and clean-up. Likelihood of further extraordinary government assistance if needed. Low quality of capital. Challenge to turn around profitability and consolidate risk framework. High use of short-term and European Central Bank (ECB) financing. The stable outlook on Abanca balances: Our possible removal, by year-end 2015, of the one notch of extraordinary government support that we currently incorporate into our ratings, should we consider that extraordinary government support has become less predictable under the new EU legislative framework, and, in turn, we see a greater likelihood that senior unsecured liabilities could incur losses if the bank were to fail; with The bank's ongoing improvement in its liquidity position,
