Powerful retail banking franchise in Spain. Lower credit risk profile than the Spanish banking system average. Balanced funding structure and limited reliance on wholesale funding. Business concentration in Spain, which still faces higher economic risks than peers. Modest returns. Significant exposure to market risk through its large equity portfolio. The stable outlook on CaixaBank S.A. is based on our expectation that if the tender offer for Portuguese Banco BPI S.A. goes ahead, the management team is committed to largely offset the impact of the acquisition on the bank's capital, and that the group's capital base would continue to strengthen. The stable outlook also assumes that the execution of the deal would not encounter unexpected material problems and would thus be
